Piper Sandler analyst Rob Owens lowered the firm’s price target on Okta (OKTA) to $95 from $110 and keeps a Neutral rating on the shares. While it was a beat and raise quarter, deceleration in cRPO growth, subscription revenue growth, Q4 metrics and a rough revenue outlook for next year sent shares lower in after-hours trading, the firm says. Management highlighted traction with new agentic security products and plans to increase quota-carrying sales reps, underscoring confidence in trends for the business going forward. Piper notes Q3 marked another solid beat on conservative guidance, and it believes shares trading at about 4.0-times EV / 2026 revenue currently reflects a fair risk / reward level until growth rebounds to more compelling levels.
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