Okta, Inc (OKTA) PT Lowered to $104 at Scotiabank

Scotiabank analyst Patrick Colville lowered the price target on Okta, Inc (NASDAQ: OKTA) to $104.00 (from $110.00) while maintaining a Sector Perform rating.

The analyst commented: "Okta beat Street cRPO estimates in 1Q, but by a smaller margin than in recent quarters. Okta is calling out the macro as still tight and guidance for 2Q is a tad underwhelming given expectations for continued cRPO deceleration. NRR has plateaued which is great to see, however we remain concerned that new logo velocity is not picking up pace. We wonder whether Okta’s security incidents from 2022/23 are impacting financials with the reputational damage to blame as new business could be going elsewhere or existing customers not deploying more of Okta. We view Okta as a top vendor in a key area of security, but see the risk/reward as balanced on shares as we wait for signs of stabilization. Reiterate Sector Perform."

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