What's Going On With Okta Stock Today?
Portfolio Pulse from Adam Eckert
Okta Inc's shares are trading lower due to continued momentum after a security breach. The company stated that a threat actor gained unauthorized access to its support management system and viewed files from certain customers. Okta's production service and Auth0/CIC case management system were not impacted. Following the incident, Keybanc analyst Michael Turits maintained an Overweight rating for Okta but lowered the price target from $106 to $95.
October 23, 2023 | 1:42 pm
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NEGATIVE IMPACT
Okta's stock is trading lower following a security breach. Despite the breach, Okta's production service and Auth0/CIC case management system were not impacted. Keybanc analyst Michael Turits maintains an Overweight rating but lowers the price target.
The security breach has negatively impacted Okta's stock price. However, the fact that Okta's production service and Auth0/CIC case management system were not impacted may mitigate some of the negative impact. The lowered price target by Keybanc analyst also contributes to the negative short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100