Okta price target lowered to $85 from $100 at Piper Sandler

Piper Sandler lowered the firm’s price target on Okta to $85 from $100 and keeps a Neutral rating on the shares after attending Oktane 2024 this week in Las Vegas. The conference centered around a new Okta-led industry standard that will drive more consistent identity security for SaaS applications, Okta’s focus on driving better security internally and numerous new product enhancements across the Workforce and Customer Identity product sets. The firm came away from the conference encouraged by the innovation despite the focus on security, but given investors remain laser-focused around the growth trajectory, it felt the event did not serve as a catalyst to change the narrative on the stock.