Okta security incident ‘non-event overall,’ says Piper Sandler

Piper Sandler analyst Rob Owens views Okta‘s recent security incident that happened in early December as a "non-event overall." The suspicious access to GitHub repositories should have no impact to the company’s ongoing operations, Owens tells investors in a research note. While recent events including the LAPSUS$ breach earlier this year lend to some elevated headline risk for Okta, the company is taking a more proactive approach to addressing a potential security event that likely has no impact to its customer base, says the analyst. He keeps an Overweight rating on Okta with an $80 price target.