Stock Track | Okta Inc. Plummets 7.74% Intraday as Brokerages Slash Targets and Forecast Disappoints

Stock Track12-03

Okta Inc. (OKTA) saw its shares plummet 7.74% during intraday trading on Wednesday, following a series of target price cuts by major brokerages and a lackluster quarterly forecast.

At least seven brokerages, including RBC, Piper Sandler, BMO, and Deutsche Bank, reduced their target prices for Okta, citing concerns over the company's growth prospects. RBC lowered its target to $97 from $115, while Deutsche Bank slashed its target to $85 from $110. The company's Q4 revenue forecast, though above estimates, failed to excite investors, with Scotiabank noting it "lacked whizz, bang and sparkle." Additionally, Okta withheld its outlook for FY27, further dampening sentiment.

CEO Todd McKinnon's recent comments about AI and software may have also contributed to the uncertainty. Despite an earnings beat, investors remain cautious about Okta's ability to navigate the evolving tech landscape.

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