OKTA Stock: What Has OKTA Down Today?
OKTA stock was taking a beating on Monday following a downgrade from analysts at SunTrust.
The downgrade for Okta (NASDAQ:OKTA) comes from SunTrust analyst Terry Tillman. This has him dropping the stock from its previous “Buy” rating to a new “Hold” rating. The rating drop for OKTA stock is due to the analyst seeing less risk vs reward from the company.
Despite the drop for OKTA stock on Monday, there was also a bit of good news tucked away in Tillman’s note. This includes a new price target for the company’s stock. This new price target is $90, which is up from the previous price target of $74. reports TheFly.
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A $90 price target for OKTA stock is above its closing price of $86.43 on Friday. This represents a roughly 4% premium over that price. It is also about a 22% increase from the previous price target that the SunTrust analyst had for the stock.
The downgrade to OKTA stock comes as the company prepares to release its earnings report for the fourth quarter of 2018. It will be dropping this earnings report on Thursday. Wall Street is looking for it to report losses per share of 8 cents on revenue of $107.95 million for the period.
Okta is an identity management company with a headquarters in San Francisco, Calif. The company is still fairly new to the public market, having only held its IPO in April of 2017.
OKTA stock was down 10% as on noon Monday, but is up 36% since the start of the year.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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