Why Okta Stock Tumbled Today
The festive Tuesday party that was trading in Okta (NASDAQ: OKTA) stock resulted in a hangover the following day. After popping in price following the announcement of a new product, shares of the online identity security specialist took a nearly 6% battering on Wednesday. A new analyst note was a source of that ill feeling.
Before market open, KeyBanc prognosticator Michael Turits cut his price target on Okta stock to $66 per share from his previous estimation of $70. Despite the chop, he maintained his overweight (buy, in other words) recommendation.
Somewhat uncomfortably, Turits' move came a day after the company announced a potentially quite lucrative new product. Okta for the US Military was formally rolled out by the company, and as the name implies, it's the armed forces version of its identity protection suite of services. Investors were cheered by this, as the U.S. military has a massive budget and tends to be quite a reliable customer.
Source Fool.com
