Analysts think recently disclosed breach could impact Okta’s pipeline
Shares of Okta Inc. were extending their sizable selloff Monday as analysts weighed in on the potential impacts of a recently disclosed data breach.
Evercore ISI analyst Peter Levine opened a tactical underperform call on Okta shares OKTA, -7.65% Monday in light of the latest development. The call “is rooted in our concern that these events will most likely have a impact on OKTA’s pipelines, potentially forcing a downward revision to FY24 estimates and jeopardizing consensus estimates.”
“In Okta’s defense, the MGM & Caesars breach was purely a result of social engineering or a 3rd party entity,” he wrote. “Nevertheless, the mere presence of headlines regarding these incidents appears to be prompting customers to ask additional questions and preliminary reports from last week’s incident would indicate a delayed response from OKTA.”
Wells Fargo’s Andrew Nowinski kept an overweight rating on Okta shares, but he flagged his concerns that “this could have a negative impact on the quarter and the pipeline.”
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