Okta price target lowered to $95 from $100 at RBC Capital

RBC Capital analyst Matthew Hedberg lowered the firm’s price target on Okta to $95 from $100 and keeps an Outperform rating on the shares. The company’s Q3 results were “solid” and its Fy24 guidance moved higher, and while its cRPO outlook was again lower, upside remains likely, the analyst tells investors in a research note. The October security incident was the focus as the management prioritizes strengthening their internal security posture for the next 90 days, resulting in some product launches being pushed, and the preliminary FY25 revenue guide is coming in below expectations, the firm states, adding however that the outlook is “likely prudent”.