Okta, Inc (OKTA) Security Breach Headlines Are More Noise Than Signal, BTIG Reiterates Buy
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BTIG analyst Gray Powerll reiterated a Buy rating and $273.00 price target on Okta, Inc (NASDAQ: OKTA) after multiple media outlets reported that the company is investigating a potential security breach. CEO Todd McKinnon followed up tweeting that the events were related to a compromise of a third-party employee at a subcontractor in January 2022.
The analyst stated "The main takeaway is that OKTA’s service has not been breached and remains fully operational. Furthermore, OKTA customers do not need to take any corrective actions. Admittedly, the initial headline looked very bad, and many investors would have liked a faster response from OKTA with the full details. That said, the headline today seems to be more noise than substance. And we do not see this event impacting OKTA’s near-term results. As a case in point, Mimecast Limited (NASDAQ: MIME) disclosed that its products were directly compromised (vs. OKTA’s third party vendor exposure) back in January 2021 on the back of the SUNBURST exploit. MIME saw little to no impact on its revenue growth and ultimately exceeded Street
revenue forecasts in both its March quarter and Fiscal 2022."
Shares of Okta, Inc closed at $166.43 yesterday.
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