Okta Is Pushing for Profitability: Time to Buy the Stock?
Okta (NASDAQ: OKTA) is ready to shift its focus away from just growth. The identity-management specialist made the announcement of this pivot after telling investors it might not achieve some of its ambitious long-term financial goals.
Let's look at whether that new focus makes the stock a buy today, given Okta stock's over 70% price slump since the start of 2022.
Okta's second-quarter growth looked solid, with sales up 43% year over year in the period that ended in late July. This surge was driven by a fundamental, long-term shift toward the type of digital identity management and security products that are right in the software giant's competitive wheelhouse. Zero-trust security, digital transformation, and cloud adoption continue to drive the identity-management market, CEO Todd McKinnon said in a press release.
Source Fool.com
