Why Okta Stock Cratered Thursday Morning
Shares of (NASDAQ: OKTA) tumbled out of the gate Thursday, losing as much as 22.8%. As of 11:34 a.m. ET, the stock was still down 20.3%.
The catalyst that sent the cybersecurity specialist lower was its quarterly earnings results, which were something of a mixed bag.
For its fiscal 2024 first quarter, Okta generated revenue of $518 million, up 25% year over year, fueled by subscription revenue, which grew 26%. The company's focus on costs helped boost its bottom line, as it swung from a loss to a profit, with adjusted diluted earnings per share (EPS) of $0.22.
Source Fool.com
Okta Inc. Stock
€65.33
-3.090%
With 38 Buy predictions and not a single Sell prediction Okta Inc. is an absolute favorite of our community.
With a target price of 106 € there is a hugely positive potential of 62.25% for Okta Inc. compared to the current price of 65.33 €.
