These Analysts Cut Their Forecasts On Okta After Q3 Results
Portfolio Pulse from Lisa Levin
Okta, Inc. (NASDAQ:OKTA) exceeded Q3 earnings and revenue estimates but provided FY24 revenue and adjusted EPS guidance. Following the report, Okta's shares dropped by 2.5%. Analysts from TD Cowen, Wells Fargo, and Keybanc adjusted their price targets and downgraded the stock, reflecting a more cautious outlook on the company's future performance.
November 30, 2023 | 1:01 pm
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Okta surpassed Q3 earnings and revenue forecasts but saw a share price decline and received downgrades and lower price targets from analysts, indicating potential short-term pressure on the stock.
The share price decline and analyst downgrades, despite positive earnings results, suggest that the market is concerned about Okta's future growth prospects. The reduced price targets and downgrades from TD Cowen, Wells Fargo, and Keybanc reflect a more conservative outlook, which could lead to short-term bearish sentiment among investors.
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