(OKTA), (NET) – Read How Okta’s Client, Analysts View Recent Alleged Hack

  • Okta Inc (NASDAQ: OKTA) shares lost steam after hacking group Lapus$ posted screenshots on messaging service Telegram of the group’s access to Okta’s admin and other systems. 
  • Cloudflare Inc (NYSE: NET) CEO Matthew Prince disclosed resetting the @okta credentials of any employees who had changed their passwords in the last four months.
  • Prince also admitted no evidence of any compromise to Cloudflare, which had multiple layers of security beyond Okta.
  • Raymond James saw no evidence of ongoing malicious activity at Okta.
  • Truist analyst Joel Fishbein downgraded Okta to Hold from Buy with a price target of $170, down from $270 (fir-priced). 
  • While Okta saw no evidence of ongoing malicious activity beyond the activity detected in January, he lacked visibility on the extent of the breach and potential damage to customers.
  • Fishbein moved to the sidelines with a Hold pending clarity. The damage to the Okta brand, which was one of the industry’s strongest defense names, was concerning, he said.
  • Price Action: OKTA shares traded lower by 3.97% at $162.69 on the last check Tuesday.

Latest Ratings for OKTA

Date Firm Action From To
Mar 2022 Mizuho Upgrades Neutral Buy
Mar 2022 Guggenheim Maintains Buy
Mar 2022 Needham Maintains Buy

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