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 

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, Salesforce and Atlassian look insanely expensive at nine times forward revenue against roughly 10% year-over-year growth. Many SaaS firms also have high sales and marketing costs. A commenter flags inference spending, which SaaS investors worry could compress margins; if free cash flow, growth, retention or gross margins weaken, their price-to-sales multiples could collapse. x.com  x.com  x.com  x.com 

Okta's backlog reaccelerated, with booked demand now outrunning recognized revenue. RPO rose 17% to $4.86B and current RPO 14% to $2.59B, both above 11% revenue growth. Identity is the lowest-hanging AI value layer: whoever wins at building AI, every agent will need a trusted identity and controls over what it can access, as Okta's founder says. x.com  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

Okta's risk/reward is no longer attractive after doubling in three months, at 10 times FY27 sales and over 50 times earnings. Even if agentic AI products reach half of its 20,000 enterprise customers within two years with a 40% contract-value uplift, implying 13-15% annual sales growth, it is not cheap; a 50-60% uplift and 17-20% growth still isn't. Agentic AI is exponential, so the growth duration may be underestimated, but two-thirds of the position has been sold. 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 

AI is turning security spending from optional to essential, and beats from CrowdStrike and Okta confirm it. CrowdStrike's Q2 revenue rose 26% with record net new ARR of $333M, up 51%, and raised guidance; Okta's RPO reached $4.86B, up 17%, with a second guidance raise this year, after Fortinet also raised. AI agents and coding widen attack surfaces, Morgan Stanley estimates up to $220B of added security demand, and buyers are consolidating onto platforms. x.com  x.com 

Okta looks expensive against its cash earnings at $150.77. The identity company trades at 90 times cash earnings and 77 times next year's, while software companies usually get 30 times. Thirty times next year's cash earnings implies fair value of $58.47–74.42, leaving the stock 103% above the high end. x.com 

Combining estimated NTM revenue growth with trailing GAAP EBITDA margin makes Palo Alto Networks, Datadog, JFrog, Rubrik and Snowflake look overvalued against forward EV/sales. Zoom, Alphabet, Oracle, AppLovin, Microsoft, Fair Isaac, Adobe, Amazon and Teradata remain undervalued on this Rule of 40 comparison; Palantir, Cloudflare and CrowdStrike remain overvalued. x.com