Okta Inc (OKTA)

Okta Inc Stock (OKTA) dropped by 5.26% from $70.77 to $67.05 in the trading on Thursday November 30, 2023. The reasons why OKTA stock down today include:

• **Larger-than-expected breach impact **: Okta announced that the October breach impacted more customers and systems than initially indicated before Okta's scheduled release. Despite this news, Okta's 21% revenue growth beat guidance and the consensus by 4%. Management raised the FY24 outlook.
• Downgrade wave: Several analysts made changes to their price targets on Okta following earnings announcement. TD Cowen cut the price target on Okta from $100 to $74 and downgraded the stock from Outperform to Market Perform. Wells Fargo lowered the price target on Okta from $80 to $70 and downgraded the stock from Overweight to Equal-Weight. Keybanc analyst Michael Turits downgraded Okta from Overweight to Sector Weight. Scotiabank analyst Patrick Colville downgraded Okta from Sector Outperform to Sector Perform. RBC Capital analyst Matthew Hedberg maintained an Outperform and lowered the price target from $100 to $95. BMO Capital analyst Keith Bachman reiterated a Market Perform and lowered his target price to $80 from $90. Truist analyst Joel P. Fishbein Jr. reiterated a Hold and cut his price target to $70 from $75. Mizuho analyst Gregg Moskowitz reiterated a Buy and a price target of $80, down from $85.

Okta, Inc. Stock (OKTA) dropped by 8.14% from $75.57 to $69.42 in the trading on Monday October 23, 2023. The reason why OKTA stock down today is due to the data breach news on Friday afternoon. Today, OKTA stock fell further as Wall Street analysts shared largely bearish commentary in the wake of the incident.

• Citigroup added Okta to its negative catalyst watch, saying that even if the breach is contained, the negative impact on sentiment after multiple security breaches is concerning. It also said reputational risk could affect new customer growth.
• Evercore ISI put Okta on its tactical underperform list, calling the security incident Okta's second major breach in about two years, and said it could impact customer confidence in Okta.

Okta, Inc. Stock (OKTA) dropped by 11.57% from $85.46 to $75.57 in the trading on Friday October 20, 2023. The reason why OKTA stock down today is due to the security breach. Okta said an unidentified hacker had accessed the company’s support system and viewed client files. It seemed to weigh on the stock as did the broader market sell-off, causing OKTA stock down today. The hackers were able to access the system using a stolen credential. Okta’s customer offerings, including its production service, were not impacted and are fully operational.