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Why Okta Stock Lost 30% in May

TheMotleyFool

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Shares of Okta (NASDAQ: OKTA) continued to slide last month, as the identity-focused cloud software stock got hit hard by the Federal Reserve's decision to raise interest rates by half a point, and investor sentiment continued to shift away from expensive software-as-a-service stocks like Okta.

According to data from S&P Global Market Intelligence, the stock finished May down 30%. Most of those losses came in the week after the Federal Reserve decision: