William Blair analyst Jonathan Ho says Okta last night reported "another stellar" quarter and reached positive cash flow for the first time. While Okta raised guidance for fiscal 2019 and provided a preliminary top-line outlook for fiscal 2020 above the consensus, the guidance remains "relatively conservative given the strong demand driving the quarter and strong execution," Ho tells investors in a post-earnings research note. He believes Okta is being prudent in setting expectations low. Further, based on the strong quarterly results, he believes "evidence continues to mount that the company is becoming the dominant player in identity." Ho keeps an Outperform rating on Okta.