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3 Top Cybersecurity Stocks to Buy in 2019
Okta (NASDAQ:OKTA) is the leading provider of enterprise identity-management services. More than 5,600 businesses rely on Okta to manage and secure the digital access rights to their network. Think passwords, login processes, and employee on- and off-boarding procedures. Okta makes all this simpler and more secure, with a well-protected single sign-on system that helps to quickly give users access to the apps they need when they need them. Okta's tools are in high demand. Revenue surged 58% year over year to $105.6 million in the third quarter. Better still, Okta's impressive dollar-based net retention rate of 120% shows that the gains were not only fueled by new customer additions, but also successful cross- and up-selling to existing customers. This is a strong signal that Okta is providing real value to its customers. Looking ahead, management is targeting 30% annual revenue growth over the next five years. Helping to drive this expansion is a rapidly growing global identity and access management (IAM) market that's projected to exceed $22 billion by 2025, according to Grand View Research.
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