Okta price target lowered to $95 from $100 at Piper Sandler

Piper Sandler lowered the firm’s price target on Okta to $95 from $100 and keeps an Overweight rating on the shares. Friday afternoon, Okta released a blog post disclosing recent unauthorized access to its support system by an adversary. The company noted that the unauthorized access was limited to the workforce support system, and that the adversary’s access to the system has been revoked. In an article published by Krebs on Security, Okta’s deputy CISO noted that only a very small subset of the company’s customer base was affected as a result of the intrusion. Given the small scope of the intrusion, the firm expects minimal disruption to the business and impact on forward demand, but acknowledges that sentiment will likely remain under pressure in the near-term.