- Raymond James analyst Adam Tindle downgraded Okta Inc (NASDAQ:OKTA) to Market Perform from Strong Buy and removed his previous $260 price target.
- His prior thesis was that Okta could become a "platform cloud," similar to Salesforce.com Inc (NYSE:CRM).
- However, his channel conversations have suggested a continually disconnected CIAM go-to-market strategy.
- Meanwhile, although partners were willing to trust Okta's track record, its latest security incident "adds to our mounting concerns."
- Okta's handling of this security incident will likely discourage customers from consolidating additional functionality onto Okta's platform.
- Price Action: OKTA shares traded lower by 10.20% at $149.38 on the last check Wednesday.
