Okta (OKTA) shares are up 157.5% year to date, well ahead of the 17.4% return of the Zacks Computer & Technology sector. The company is benefiting from rising demand for identity security, AI agent governance and enterprise modernization, and its newer products generate an average ACV uplift of about 40%. Customers with more than $1 million in ACV rose more than 20% to over 600, and bookings in fiscal Q2 2027 were a record for a quarter outside the fiscal fourth quarter. Okta faces stiff competition from Microsoft, CrowdStrike and Cisco, and its own estimates put Microsoft's workforce access management market share at about 40% versus 30% for Okta. Fiscal Q3 2027 revenue is expected at $813-$817 million, about 10% growth, while the stock trades at 11.23X forward 12-month P/S, above the 5.08X median, and Zacks rates it Hold.
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