Why Okta Stock Was Sliding Again Today
Shares of Okta (NASDAQ: OKTA) were slipping for the second straight day following its fourth-quarter earnings report Wednesday night. The results included bottom-line guidance for fiscal 2022 that was well below the analyst consensus, and it also announced a $6.5 billion all-stock acquisition of identity-access peer Auth0 that seemed overpriced to some investors.
That report also came at a time when investors are rotating out of high-priced growth stocks like Okta and into more cyclical opportunities as interest rates rise, pressuring valuations.
As of 12:03 p.m. EST, Okta stock was down 9.6%.
Source Fool.com
