Shares of Okta Inc (NASDAQ: OKTA) fell in after-hours trading, despite the company reporting a lower-than-expected loss for the second quarter.

JMP Securities On Okta

Analyst Trevor Walsh reiterated a Market Outperform rating while reducing the price target from $165 to $145.

“The stock traded down ~11% during the aftermarket due to management’s reported sales integration challenges and heightened employee attrition leading to a disappointing FY23 outlook,” Walsh said in a note.

“We are lowering our price target on the basis of near-term sales integration and execution challenges between Auth0 and Okta,” he added.

The analyst stated, however, that he continued to like Okta, given that “the revised go-to-market plan for CIAM should simplify product positioning and help address the sales enablement to capitalize on the significant opportunity for the CIAM market” and the company’s “resilient management team, with a vision to build out a single identity platform with the recent release of its IGA solution and 1HFY23 PAM limited release.”

Needham On Okta

Analyst Alex Henderson downgraded …

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