Okta Inc. (OKTA)

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Okta Inc. (OKTA) strengthens security after recent breach
By: Investing | October 20, 2023

Okta Inc . (NASDAQ:OKTA) announced on Friday that it had experienced a security breach, which was due to unauthorized access via a stolen credential in their customer support case-management system. The company's primary operational platform, however, remained unaffected.

The unauthorized access allowed hackers to view files related to recent support cases, compromising the company's customer support unit. The company was quick to clarify that the breach did not affect their main operational systems. David Bradbury, Okta's Chief Security Officer, emphasized this distinction, underscoring that the compromised system and the operational one were separate entities.

In response to the breach, Okta has implemented proactive protective measures and has notified customers who were impacted by the incident. The company is working diligently to ensure the security of its systems and safeguard against future breaches.

According to InvestingPro data, the company has a market cap of 12.4 billion USD and a negative P/E ratio of -20.60, indicating that it has not been profitable over the last twelve months. However, it's worth noting that analysts predict the company will be profitable this year, as per InvestingPro Tips.

Despite its recent security incident, Okta has shown a strong return over the last three months, with a 22.51% increase, and an impressive 57.1% return over the past year. This suggests that the company has been performing well in the market, even amidst challenges.

The company's revenue growth has been slowing down, with a quarterly growth of 23.01% in FY2024.Q2 compared to a 29.02% growth in LTM2024.Q2. It remains to be seen how this incident will impact the company's standing in the market going forward.

InvestingPro also highlights that Okta operates with a moderate level of debt and its liquid assets exceed short term obligations, which is a positive sign for investors. In addition, the company does not pay a dividend to shareholders, which is something potential investors should consider.

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