Read How Okta's Client, Analysts View Recent Alleged Hack

Okta Inc 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 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.

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