These Analysts Cut Their Forecasts On Okta After Q3 Results

Okta, Inc. OKTA reported upbeat earnings for its third quarter.

Okta posted adjusted earnings of 44 cents per share, topping market estimates of 30 cents per share. The company’s quarterly sales came in at $584.00 million versus estimates of $560.77 million.

Okta said it sees FY24 revenue of $2.243 billion to $2.245 billion and adjusted EPS of $1.47 to $1.48.

Okta shares fell 2.5% to close at $70.77 on Wednesday.

These analysts made changes to their price targets on Okta following earnings announcement.

• TD Cowen cut the price target on Okta from $100 to $74. TD Cowen analyst Shaul Eyal downgraded the stock from Outperform to Market Perform.
• Wells Fargo lowered the price target on Okta from $80 to $70. Wells Fargo analyst Andrew Nowinski downgraded the stock from Overweight to Equal-Weight.
• Keybanc analyst Michael Turits downgraded Okta from Overweight to Sector Weight.

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