For a few years now, Okta Inc. (NASDAQ: OKTA) has been something of a forgotten name in technology investing. Once a high-flying darling of the cloud-software boom, the identity-management specialist saw its growth cool and its shares languish, leaving many investors to move on to shinier names. Lately, though, something has begun to stir.
The stock has quietly rallied around 60% so far this year, comfortably outpacing the broader market, and Wall Street is paying attention again. The reason lies in a subtle but powerful shift in how businesses are planning to spend their tech budgets, one that plays directly to Okta's strengths.
