Okta (OKTA)

The sleeper story everyone's missing: Okta has systematically built partner leverage that's turning every large deal into a force multiplier - when 100% of your biggest deals involve partners and those deals are 3x larger, you've solved the scale problem differently than pure direct sales. The obvious headline is the solid beat and guide raise, but the real constraint is sales productivity - management admits they're leaving growth on the table with current go-to-market structure, hence the global specialization push. Todd's most revealing quote: 'We think there's an opportunity for more growth here than we're seeing now' - translation: they know exactly what's holding them back. My view changes if the FY26 7% growth guide proves too conservative once specialization kicks in and partner momentum accelerates, or if the customer cohort headwinds don't resolve by H1 as promised.