{"id":16702,"date":"2023-06-01T09:50:43","date_gmt":"2023-06-01T13:50:43","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/okta-stock-tanks-the-case-against-buying-the-dip\/"},"modified":"2023-06-01T09:50:44","modified_gmt":"2023-06-01T13:50:44","slug":"okta-stock-tanks-the-case-against-buying-the-dip","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=16702","title":{"rendered":"Okta Stock Tanks. The Case Against Buying the Dip."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000660638\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Okta<br \/>\n       shares were tumbling on Thursday as investors digested its first-quarter earnings. <\/p>\n<p>Wall Street analysts still like the identity-management software provider\u2019s products but counsel against buying the dip as macroeconomic concerns mount.\u00a0<\/p>\n<div class=\"paywall\">\n<p>\n        Okta<br \/>\n       (ticker: OKTA) shares were down 19% at $73.20 in premarket trading on Thursday. First-quarter earnings beat expectations but concerns over slowing client spending look to have investors worried about the company\u2019s valuation.\u00a0<\/p>\n<p>\u201cWith growth expected to deteriorate near term, and cash flow not yet at levels to support valuation, we see more favorable risk-reward elsewhere within our coverage and are stepping to the sidelines,\u201d analysts at<br \/>\n        J.P. Morgan<br \/>\n       wrote in a research note.\u00a0<\/p>\n<p>J.P. Morgan downgraded its rating on Okta stock to Neutral from Overweight and its target price to $85 from $95.\u00a0The bank\u2019s analysts said Okta seems to be more sensitive to macroeconomic uncertainty than its peers. <\/p>\n<p>Okta was one of the worst-performing stocks of 2022, when it dropped 70%. Going into the earnings report shares had recovered strongly so far this year, rising 33%, but investors look to be turning more skeptical on technology-company valuations.\u00a0<\/p>\n<p>\u201cWe\u2019re intrigued by a CY24 [calendar year 2024] setup that could include easy comps [comparables] given current trends and the potential for reacceleration with the planned product launch during this time, but suspect the stock may tread water as investors hesitate to jump in front of the \u2018falling knife\u2019 that describes current growth trends,\u201d analysts at Raymond James, led by Adam Tindle, wrote.\u00a0<\/p>\n<p>Raymond James has a Market Perform rating on the stock. <\/p>\n<p>Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/okta-stock-price-target-earnings-421a0584?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Okta shares were tumbling on Thursday as investors digested its first-quarter earnings. Wall Street analysts still like the identity-management software provider\u2019s products but counsel against buying the dip as macroeconomic concerns mount.\u00a0 Okta (ticker: OKTA) shares were down 19% at $73.20 in premarket trading on Thursday. First-quarter earnings beat expectations but concerns over slowing client [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16703,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-16702","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Okta Stock Tanks. 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