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Benzinga
Benzinga
Business
Anusuya Lahiri

Okta Gets a Downgrade Post Data Breach Incident

Okta Adam Tindle Nasdaq NYSE Okta Inc Raymond James
  • Raymond James analyst Adam Tindle downgraded Okta Inc (NASDAQ:OKTA) to Market Perform from Strong Buy and removed his previous $260 price target. 
  • His prior thesis was that Okta could become a "platform cloud," similar to Salesforce.com Inc (NYSE:CRM).
  • However, his channel conversations have suggested a continually disconnected CIAM go-to-market strategy. 
  • Meanwhile, although partners were willing to trust Okta's track record, its latest security incident "adds to our mounting concerns." 
  • Okta's handling of this security incident will likely discourage customers from consolidating additional functionality onto Okta's platform.
  • Price Action: OKTA shares traded lower by 10.20% at $149.38 on the last check Wednesday.
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