Okta got a rating downgrade from analysts at Canaccord Genuity, who think the stock is already fully valued.
Canaccord Genuity analysts lowered their rating on the cloud software company’s stock to hold from buy. They also slashed their price target on the stock to $120 from $145.
Analyst Richard Davis indicated that Okta is "quite expensive”. The stock has rallied more than +100% from its low in December 2018. Year to date, it has climbed more than +80%, but is slightly below its summer high of above $140.
Nevertheless, Davis still views Okta as the leader by a large margin, while mentioning that competition is tightening a bit.
In October, the company revealed various new offerings across security, authentication and more categories. It also announced a partnership with Atlassian, and apparently hopes to garner more big enterprise customers for Okta's product suite.