Okta hits 52-week-low as Cleveland Research downgrades on multiple factors

Sep. 23, 2022 10:24 AM ETOkta, Inc. (OKTA)MSFT, PING, FORGBy: Rex Crum, SA News Editor2 Comments

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Okta (NASDAQ:OKTA) shares slipped into the red in early trading Friday as Cleveland Research analyst Ben Bollin cut his rating on the identity management technology company due to concerns about competition and other factors.

Bollin took down his view on Okta (OKTA) to neutral, saying that the company is dealing with "worse fundamental challenges," with expectations that the company will reduce its long-term growth targets. Bollin said there have also been signs that Okta's (OKTA) annual revenue run rate targets are a risk, partners are turning negative and the company is seeking more competitive "challenges" coming from the likes of Microsoft (MSFT), Ping Identity Holding (PING) and ForgeRock (FORG).

Okta (OKTA) shares fell 2% Friday, and dropped to a 52-week-low of $53.15 at one point. The company's shares have lost more than 75% of their value this year.

Earlier this month, Okta (OKTA) shares were punished after the company reported what were best-described as "mixed" quarterly results and expectations. Guggenheim analyst John DiFucci went on to raise his rating on Okta (OKTA) to neutral from sell due to the "massive" opportunity in front of it, but also called Okta (OKTA) "a company in disarray."

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