Shares of Okta (NASDAQ: OKTA), the cloud-identity software company, took a dive today on a bearish analyst note and as several other cloud stocks issued disappointing earnings reports.
The stock closed down 10.2% on Friday.
In a note this morning, Morgan Stanley analyst Hamza Fodderwala lowered his price target on Okta from $93 to $65 and maintained an equal weight rating on the stock. Fodderwala cited execution challenges and a worsening macro environment, and also said he didn't think the company would present updated financial targets at next Wednesday's Investor Day conference or that the conference would be a catalyst for a recovery.
Source Fool.com