Less than two weeks away from its earnings report date, Okta ($NASDAQ:OKTA) stock is at an all-time high and alternative data reflects (mostly) continued growth for the San Francisco-based identity security management firm.
When people have to interact remotely almost exclusively, it makes sense that a tech-based ID verification company gets more business, and investors have bid shares up more than 54% so far this year, positioning Okta well ahead of most companies. A look at its alternative data reflects a strength that may linger, especially as people remain distanced for longer.
Okta slashed job postings during the earliest weeks of the pandemic, taking more than 200 open roles offline. However, since hitting what may be a bottom, postings have risen about 24%.
But tech-enabled companies allowing people to work remotely, shop remotely, and chat remotely are still seeing some dips in job postings, which helps put the drop for Okta into a somewhat healthier perspective.
Part of the factor going into Okta's decision to slow job postings is likely the global recession facing economies - but it may also be due to the fact that it has been staffing up at an aggressive pace, adding 12% new workers to its LinkedIn Headcount, tracked in our chart above.
There are plenty of Okta offerings - but we can track its Verify app's ratings count and average score, in both Google and Apple (not shown) platforms. On Google's platform, the Verify ID confirmation app has seen ratings grow in number by more than 12% since April began, a sharp increase from the past trajectory.
One of Okta's web security offerings is a biometric product that allows people to establish a secure link between devices without the use of a password. Right now, analysts tracked by Zacks Investment Research are looking for losses of -$0.48 per share when Okta announces results - but its trajectory could soon turn what has been a positive post-IPO story, into a profitable one, soon.
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.