Okta price target lowered to $80 from $95 at Truist

Truist lowered the firm’s price target on Okta to $80 from $95 and keeps a Hold rating on the shares. The analyst notes that the company’s user conference, Oktane24, highlighted its new product innovations and articulated further their vision of a unified identity cloud. Truist adds however that while it is encouraged by some of these new customer offerings and came away incrementally positive on Okta’s ability to continue to innovate, it also sees the ability to execute on its vision where new products can re-accelerate growth as “key” amid a “still challenging” macro environment.