Okta drops after maintaining annual revenue forecast, brokerages cut PT

Cybersecurity company Okta OKTA.O drops 12.5% to $109.76 after maintaining annual revenue forecast

Co beats Q1 profit and revenue estimates, FY26 forecasts factors uncertain macroeconomic risks

At least five brokerages cut PT - Jefferies from $135 to $130; RBC from $147 to $135; D.A. Davidson from $145 to $140; Guggenheim from $140 to $138; Mizuho from $135 to $130

OKTA's conservative Q2 cRPO outlook misses Wall Street estimates and would mean the first quarter-to-quarter cRPO decline in co's public history - Jefferies; rates stock "hold"

cRPO is subscription backlog that is expected to be recognized over next 12 months

RBC says co well-positioned for strategic partnerships due to urgent growth in security features targeting non-human identities (NHI)

NHI includes API keys, tokens, AI agents - Okta

Avg rating of 45 analysts is "buy"; median PT $125

Including session's moves, OKTA up 39.3% YTD