Okta price target lowered to $101 from $125 at RBC Capital

RBC Capital lowered the firm’s price target on Okta to $101 from $125 but keeps an Outperform rating on the shares after attending the Oktane 2024 event and meeting with customers, partners and employees. The investor Q&A session revolved around expanding with newer products, growth initiatives, and seat count headwinds, and while the management believes seat headwinds could persist through the first half of next fiscal year, it sees headwind magnitude normalizing into the second half of FY26, the analyst tells investors in a research note. RBC adds that Okta valuation also “remains attractive”.