Shares of Okta, Inc. (OKTA) tanked 8.5% at the time of writing on news that the company is investigating a possible breach based on screenshots posted by a hacker group, Lapsus$, on their Telegram channel. The news was reported by Reuters.
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The group said that it did not take any confidential information from Okta’s databases and its focus was only on the company’s customers.
In a statement, the company stated that the shared photos are linked to an attempt detected in late-January 2022 to compromise the account of a third-party customer support engineer working for one of its sub-processors.
Okta said that the matter was investigated and contained by the sub-processor at that time.
“Based on our investigation to date, there is no evidence of ongoing malicious activity beyond the activity detected in January,” the company added.
Analysts’ Take
Recently, Stifel Nicolaus analyst Adam Borg maintained a Hold rating on Okta and lowered the price target to $195 from $200. The new price target implies 15.1% upside potential from current levels.
Borg is of the opinion that the software companies are likely to be impacted by the ongoing fallout of the Russia-Ukraine war, accelerating supply-chain disruptions and the expanding impact of meaningfully higher energy prices on consumer spending.
The rest of the Street is optimistic about the stock and has a Strong Buy consensus rating based on 20 Buys and four Holds. The average Okta price target of $233.50 implies 37.8% upside potential to current levels.
Website Traffic
TipRanks’ Website Traffic tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into OKTA’s performance.
According to the tool, the Okta website recorded a 6.5% monthly decrease in global visits in February, compared to the previous year. Further, the website traffic has declined 5.3% year-to-date against the same period last year.
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