$OKTA — HOLD 📊 | 6 MONTHS THESIS

Okta, Inc. operates as an identity partner in the United States and internationally. 🎯 FQ2 FY2027 (ends Jul) | reported Aug 26 | Rev $805M | Adj EPS $1.05 vs $0.96 🟢 | GAAP EPS $0.70 | GAAP op margin 13.3% 💡 The positive surprise was real but was largely resolved in one session. The remaining gap is whether FY27 non-GAAP EPS can be revised above $4.00 and cRPO growth can sustain mid-teens acceleration beyond AI pilot bookings. 🏢 Business Quality: 7/10 📊 Valuation: At $168.6 and 166.1M shares, OKTA trades near a ~$28B market cap, roughly 43x the FY27 non-GAAP EPS guidance midpoint of ~$3.92 and ~8.7x the FY27... 🔮 Catalyst: Next material catalyst is FQ3 FY2027 earnings (period ending Oct 31,2026, report expected late Nov 2026): cRPO growth trajectory, AI-agent bookings and seat expansion, OIG adoption, FY27 guidance updates, and Permiso integration. The tradeable failure trigger for bulls would be cRPO decelerating back toward low-double-digits or FY27 EPS guidance held below $4.00

Okta, Inc. operates as an identity partner in the United States and internationally.