Based on last night's "strong" quarterly results, evidence continues to mount that Okta is becoming the dominant player in identity, William Blair analyst Jonathan Ho tells investors in a post-earnings research note. Despite the "another very strong quarter," Okta offered fiscal 2020 earnings guidance below the Street consensus, as the company anticipates making additional investments to take advantage of new and existing opportunities it is seeing emerge, Ho writes. However, he points out that Okta was clear in saying that its medium-term 2024 operating margin targets of 16% to 19% remain intact. The analyst believes Okta is seeing a "tipping point" in its business where the shift to cloud, digital transformation, and zero trust security are "opening up opportunities in the largest enterprises." Ho reiterates an Outperform rating on the shares.