San Francisco-based identity security management company Okta ($OKTA) topped analyst expectations May 28, coming after a 56% run in its stock price this year that has otherwise been turbulent and uninspiring for investors.
But the next big leap for Okta could come as a result of its partnership with Amazon ($AMZN), for which Okta just launched an AWS single-sign-on application - further deepening its relationships with developers.
At a time when many companies are forced to furlough staffers, or lay off managers and entry-level workers alike, Okta is among a class of elite tech companies on public markets seeing their headcount continue to grow - up nearly 13%, judging by its LinkedIn Headcount. Other tech companies seeing continued growth amid the pandemic include cloud-based communications platform Twilio, delivery startup Instacart and video chat service Zoom.
Likewise, Okta's Twitter account is getting more attention these days. This year, Okta's Twitter following has grown nearly 10%, with a noteworthy recent shift in a trajectory toward even more followers in the last several weeks during the pandemic.
Okta job postings are down substantially from highs in late 2019 and earlier this year, after its IPO, but they have also bounced back 40% higher from late-April lows - a sign that the company has continued growth plans.
We've also been able to track Okta engagement on both mobile platforms, which reflects increasing attention from users as of late.
Taken together - despite shares' recent run - there is sufficient evidence to suggest that Okta has the ability to continue growing in a very uncertain marketplace. And this puts its stock right up alongside Zoom and Twilio, in terms of desirability. As more work is digitized, it also seems virtually certain that Okta's technology will be valuable to enterprise clients, even after shelter-in-place ends and the world begins to get back to business-as-usual.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales, and app ratings - and creates data sets that measure factors like hiring, revenue, and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
