- Okta Inc (NASDAQ:OKTA) shares lost steam after hacking group Lapus$ posted screenshots on messaging service Telegram of the group's access to Okta's admin and other systems.
- Cloudflare Inc (NYSE:NET) CEO Matthew Prince disclosed resetting the @okta credentials of any employees who had changed their passwords in the last four months.
- Prince also admitted no evidence of any compromise to Cloudflare, which had multiple layers of security beyond Okta.
- Raymond James saw no evidence of ongoing malicious activity at Okta.
- Truist analyst Joel Fishbein downgraded Okta to Hold from Buy with a price target of $170, down from $270 (fir-priced).
- While Okta saw no evidence of ongoing malicious activity beyond the activity detected in January, he lacked visibility on the extent of the breach and potential damage to customers.
- Fishbein moved to the sidelines with a Hold pending clarity. The damage to the Okta brand, which was one of the industry's strongest defense names, was concerning, he said.
- Price Action: OKTA shares traded lower by 3.97% at $162.69 on the last check Tuesday.
