Okta Gets a Downgrade Post Data Breach Incident

March 23, 2022 3:34 PM | 1 min read |

Raymond James analyst Adam Tindle downgraded Okta Inc 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 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.