Will Okta Stock Bounce Back in 2023?
Like most software stocks did in 2022, Okta (NASDAQ: OKTA) disappointed investors.
With the year almost over, shares of Okta, the cloud identity company that helps employees and customers log in and stay connected to the apps they need, are trading down 70% year to date, spoiling what had been a great run for the stock since its IPO in 2017.
Falling valuations in the software sector and macro headwinds weighed on the stock. Shares also took a hit in September on the company's own admission of problems integrating the sales force from Auth0, the customer identity company it acquired last May. As a result of those issues, it pulled its long-term guidance, which had called for the company to reach $4 billion in revenue by fiscal 2026 (which ends in January 2026).
Source Fool.com
