Okta Stock (NASDAQ:OKTA)
Okta stock went into the red during early trading on Friday after an analyst from Cleveland Research named Ben Bollin downgraded his recommendation on the identity management technology business owing to worries about competition and other issues.
According to Bollin, who has a neutral outlook on Okta stock, the firm is facing “severe fundamental issues,” It is anticipated that the company will cut its long-term growth ambitions. This is one of the reasons why Bollin has changed his opinion. Bollin stated that there have also been signs that Okta’s (NASDAQ:OKTA) annual revenue run rate targets are a risk, partners are turning negative, and the company is seeking more competitive “challenges” coming from companies such as Microsoft (NASDAQ:MSFT), Ping Identity Holding, and ForgeRock. Bollin made these statements
On Friday, Okta stock plummeted by 2.6%, reaching a new 52-week low price of $53.83 at one point during the decline. Over the course of this year, the value of each share of the company’s stock has decreased by more than 75%.
OKTA took a beating at the beginning of this month when the business published quarterly results and projections that were best described as “mixed.” Following this, Guggenheim analyst John DiFucci changed his recommendation on Okta stock from sell to neutral due to its “huge” potential. However, he also described Okta (NASDAQ:OKTA) as “a corporation in disarray.”
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