DB - Why Okta Stock Got Trounced on Tuesday
Tuesday wasn't a fine day to be an Okta (NASDAQ: OKTA) shareholder. The identity-management specialist's stock took a more than 6% hit in the wake of a pair of analysts' price target cuts.
It's been a rather busy September so far for Okta. It kicked off the month by reporting its second-quarter earnings, and although the specialty tech company beat on both the top and bottom lines, investors were spooked when it admitted that it was having difficulties with integrating Auth0, the peer it bought in May 2021. Folks were also disheartened by management's admission that its goal of reaching $4 billion in revenue by fiscal 2026 was being reevaluated.
These developments were surely on the minds of analysts Patrick Colville of Deutsche Bank (NYSE: DB) and Shebly Seyarfi of FBN Securities, both of whom notably reduced their price targets on Okta stock Tuesday.
For further details see:
Why Okta Stock Got Trounced on Tuesday