If you own Okta stock, or have it on your watchlist, you have probably felt the market’s uncertainty firsthand. The last week alone saw shares dip 6.3%, though it is important to keep the bigger picture in mind. Year to date, Okta is up an impressive 11.3%, and over the last three years, the stock has rallied a remarkable 61.2%. Compare that with a five-year plunge of 59.5%, and you can see why investor conviction might waver. Is this a stock on its way back, or one still working out its risks?

Recent market moves have been shaped in part by evolving demand for identity and access management solutions, a space where Okta continues to innovate. Shifts in technology spending and confidence in the cybersecurity sector have contributed to…