SailPoint is not a favored cybersecurity pick because it faces stiff competition from Microsoft, Okta and CyberArk and is already not cheap on valuation, like others in the space. The leaders CrowdStrike and Cloudflare have been the better exposure, though after their huge run smaller players may make more sense from here; among those, Rubrik was the favorite. x.com 

Okta should capture durable value from agentic AI because every agent touching enterprise data needs authentication, authorization and auditability, making identity infrastructure. Okta is the only independent identity platform with real enterprise distribution, a launched non-human identity product, and early signs of contract-value expansion. It trades far below its historical multiple despite 27% FCF margins, priced as if Microsoft consolidates identity, unlikely in multi-cloud firms. x.com  … Show more

SailPoint's identity governance position and moderate valuation make it one of the notably good companies for a medium-to-long-term bet on agents. Nanalyze points to solid growth but says slowing growth could explain its valuation discount to expensive cybersecurity peers. x.com 

Okta is losing in identity security even though the category should grow in 2026. Microsoft Entra and CrowdStrike are eating its enterprise business, AI-native Opal and Astrix are building what Okta should have built three years ago, and net retention is falling. After 18 months of repositioning the market stopped listening, and the Lapsus$ breach still hurts. It is not cheap enough to price this in and looks like a value trap, though a buyout rumor or less-bad quarter could squeeze shorts. … Show more

Okta is unlikely to sustain mid-teens growth, and valued on free cash flow including stock-based compensation it trades above 40x. Workforce identity grew 11%, and although cRPO rose 14%, it is at risk from layoffs, whether AI-driven to free up token budgets or efficiency cuts. Whether margins flatline in the high 20s is still to be seen. x.com  x.com 

SailPoint should benefit because every enterprise AI agent will need identification, tracking and different authorization levels. It trades at 7.6x forward EV/sales while growing 25%+, and recently partnered with Anthropic. x.com 

CrowdStrike's selloff makes sense on terminal-value concerns, especially if LLMs take market share, because it trades at 40x sales and still operates at a loss despite a $200B valuation. Okta, about a tenth its size, trades at roughly a quarter of the valuation with far better financials, yet got the same treatment. x.com 

Microsoft is weighed down by its entanglement with Sam Altman's OpenAI, a toxic association Satya Nadella needs to unwind. Those fundamentals matter more than the stock's return to its 200-week moving average. x.com 

SailPoint may be the most undervalued cybersecurity name at 36x NTM P/E, versus CrowdStrike above 100x and Palo Alto above 75x for similar growth. It sits in identity, where non-human identities such as service accounts, API keys and AI agents are multiplying faster than human headcount ever did, a structurally bigger attack surface, and SailPoint is probably the play on that issue. It passes the initial tests for a deeper look. x.com 

Okta's valuation is not justifiable at a P/E of 114 with only 10% revenue growth; it is speculation at its finest. x.com