What Makes Shares Of Tech Unicorn Okta 'Potentially Interesting' In This Analyst's View

Okta Inc OKTA shares rose 38 percent on the first day of trading, and Imperial Capital’s Saliq Khan commented that the stock was “potentially interesting, given the company’s leading position in Identity and Access Management as a Service (IDAAS).”

Memorable Debut

Okta shares made their debut on the Nasdaq on April 7, with the company completing its initial public offering of 11,000,000 shares of Class A common stock at an offering price of $17. This lead to net proceeds of $169 million.

Okta is the fourth tech unicorn to have gone public so far in 2017.

Leading Services

The analyst mentioned that the company “enables organizations to securely access cloud applications, websites, mobile applications, and services from a range of devices.”

Khan believes identity solutions for the cloud are gaining importance, given the ever-changing and increasing variety of mobile devices and applications.

“As the traditional corporate perimeter becomes obsolete, identity solutions will become one of the most critical and secure methods of managing users and their access level, while protecting digital assets,” the analyst went on to say.

Khan believes Okta is “uniquely positioned” to benefit from this growing market opportunity.

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