The recent dropdown in Okta's share price creates a one-of-a-kind buying opportunity for investors, according to Jefferies.
The recent dropdown in Okta 's share price creates a one-of-a-kind buying opportunity for investors, according to Jefferies. Shares of the identity management software provider have dropped roughly 73% this year amid a slew of macro-related and sales integration issues — along with a security breach.
"While we do not discount the amount of work in front of the company , we highlight a fantastic product, coupled with a large and underpenetrated market." The firm's $90 price objective suggests shares could jump 48% going forward. While Gallo expects Okta's turnaroud efforts to take a few quarters, the company should benefit from rising demand for a multi-use identity product.
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