Okta Inc. (NASDAQ: OKTA), a provider of identity cloud services, will release its quarterly earnings on June 2nd. Stephens & Co. analysts gave Okta shares a bullish outlook a week before the event. The announcement contributed to an almost 5% increase in prices at the auction on May 25th. The stock closed at $81.21 on May 26.
Stephens & Co. analysts advocate purchasing Okta stock with a target price of $145, over 80% higher than the previous day’s closing price. Experts are generally upbeat about Okta’s future, believing that the business will be able to weather the major headwinds.
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Remember that the hacking of Okta’s IT infrastructure cost the company a lot of face at the start of this year. Customers of the cloud platform were not harmed as a result of the third-party intrusion, according to the company. A group of hackers acquired access to help desk services between January 16 and January 21, 2022, according to the business.
The fraudsters even shared images of the systems, proving that they had been hacked. However, Okta said that the risk of interference was low and that the event would only affect 2.5 percent of consumers following a series of inspections.
Furthermore, Okta has assured that the data of customers who may have been victims of hackers has been restored. As a result, management comes to the conclusion that hacking is not a serious incident in terms of company resilience.
Okta’s shares have lost more than 60% of their value since the beginning of the year due to the security breach and the broader market climate for internet businesses. Some investors are attracted to Wall Street’s positive, albeit cautious, predictions (some analysts are decreasing their OKTA price goals while keeping a buy rating). Following the release of Okta’s quarterly report next week, a better picture of where the company is headed may be revealed.
In the last month, the stock has lost -36.09%, -54.21% in the last three months, and -63.02 percent in the last six months. OKTA’s price volatility was found to be 6.62 percent over the previous week, and 9.31% over the previous month.