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Thursday, November 30, 2023 9:01:51 AM
By: Investing | November 30, 2023
Okta downgraded at several firms after Q3
Following the announcement of its Q3 results, which suggested a slowing in revenue growth heading into fiscal 2025, Okta (NASDAQ:OKTA) experienced a series of downgrades by a number of Wall Street firms.
TD Cowen changed its rating for Okta from Outperform to Market Perform, adjusting the price target to $74.00 from the previous $100.00. “OKTA's financial performance is reflecting the impact of recent high-profile breaches involving the company's solutions, and we believe the stock remains range bound until cRPO growth can reaccelerate,” commented the analysts.
Piper Sandler also revised its rating for Okta, moving from Overweight to Neutral and setting a new price target at $75.00, down from $95.00. Wells Fargo downgraded their rating from Overweight to Equal Weight, with a revised price target of $70.00, lowered from $80.00.
KeyBanc shifted its rating from Overweight to Sector Weight. Similarly, Scotiabank cut its rating from Sector Outperform to Sector Perform for Okta.
Shares are currently down more than 3% pre-market today.
Bilibili hit with two downgrades after a Q3 miss
Bilibili (NASDAQ:BILI) received two downgrades after reporting Q3 results, which missed consensus estimates and sent the shares down more than 11% yesterday, as reported in real-time on InvestingPro.
Barclays downgraded Bilibili to Underweight from Equalweight and cut its price target to $10.00 from $15.00. Meanwhile, Nomura/Instinet cut its rating to Neutral from Buy.
Shares are currently down 2% in pre-market.
Two more downgrades
Exane BNP Paribas downgraded Nutrien (NYSE:NTR) to Neutral from Outperform with a price target of $76.13.
Nokia (NYSE:NOK) shares fell more than 1% pre-market today after JPMorgan downgraded the company to Neutral from Overweight and cut its price target to $4.39 from $5.60.
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Recent OKTA News
- Okta to Announce First Quarter Fiscal Year 2025 Financial Results on May 29, 2024 • Business Wire • 05/01/2024 12:00:00 PM
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- Okta Announces Availability of Fine Grained Authorization for Enhanced Security and Efficiency • Business Wire • 03/05/2024 01:00:00 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 03/01/2024 09:02:15 PM
- Okta to Present at Upcoming Investor Conferences • Business Wire • 02/29/2024 01:00:00 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 09:02:31 PM
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- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/21/2024 10:17:27 PM
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