BTIG says investors overreacted to Okta security breach

BTIG thinks investors overreacted to an “admittedly ugly headline” today from Okta regarding a security breach. The firm sees limited impact to Okta from the event and reiterates a Buy rating on the shares with a $98 price target. None of Okta’s products or services was impacted by this incident, says BTIG, after speaking with a senior security executive. The firm says the compromised data consisted of screenshots of Okta’s support case management system with information such as code snippets for login pages, cookies, and session tokens. It notes that no customers’ personal identifiable information or financial data was involved.