Okta price target lowered to $82 from $90 at Canaccord

Canaccord lowered the firm’s price target on Okta (OKTA) to $82 from $90 and keeps a Hold rating on the shares. The firm noted while OKTA shares have struggled over the past 3 years, Okta as a firm remains the dominant player in identity security software and they came away from a recent conference encouraged by management’s strategy to harden the security posture of its platform, continue to drive cost efficiencies by incorporating low-cost talent geos while investing back into the business in newer product initiatives.