Here's how the Okta consumer data hack was much worse than the company originally said

Okta Inc (OKTA) Stock: A Look at the Analyst Recommendations

compared to its average ratio and a 36-month beta value of 0.94. Analysts have mixed views on the stock, with 15 analysts rating it as a “buy,” 2 as “overweight,” 25 as “hold,” and 0 as “sell.”

The average price point forecasted by analysts for Okta Inc (OKTA) is $84.92, which is $1.05 above the current market price. The public float for OKTA is 154.48M, and currently, short sellers hold a 2.65% ratio of that float. The average trading volume of OKTA on January 04, 2024 was 2.91M shares.

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Okta Inc (NASDAQ: OKTA)’s stock price has plunge by -3.60relation to previous closing price of 87.00. Nevertheless, the company has seen a -8.56% plunge in its stock price over the last five trading sessions. The Motley Fool reported 2023-12-30 that Cybersecurity is becoming an ever-increasing part of business worldwide.

Okta Inc (OKTA) has experienced a -8.56% fall in stock performance for the past week, with a 13.91% rise in the past month, and a 6.38% rise in the past quarter. The volatility ratio for the week is 2.65%, and the volatility levels for the past 30 days are at 3.35% for OKTA. The simple moving average for the last 20 days is 2.13% for OKTA stock, with a simple moving average of 9.64% for the last 200 days.

Many brokerage firms have already submitted their reports for OKTA stocks, with Susquehanna repeating the rating for OKTA by listing it as a “Neutral.” The predicted price for OKTA in the upcoming period, according to Susquehanna is $75 based on the research report published on December 15, 2023 of the previous year 2023.

After a stumble in the market that brought OKTA to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -9.21% of loss for the given period.

Volatility was left at 3.35%, however, over the last 30 days, the volatility rate increased by 2.65%, as shares surge +15.68% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading +10.98% upper at present.

During the last 5 trading sessions, OKTA fell by -8.56%, which changed the moving average for the period of 200-days by +0.05% in comparison to the 20-day moving average, which settled at $82.69. In addition, Okta Inc saw -7.36% in overturn over a single year, with a tendency to cut further losses.

Reports are indicating that there were more than several insider trading activities at OKTA starting from McKinnon Todd, who sale 7,449 shares at the price of $83.33 back on Dec 18. After this action, McKinnon Todd now owns 43,006 shares of Okta Inc, valued at $620,730 using the latest closing price.

Tighe Brett, the Chief Financial Officer of Okta Inc, sale 4,816 shares at $83.33 during a trade that took place back on Dec 18, which means that Tighe Brett is holding 63,565 shares at $401,320 based on the most recent closing price.

Current profitability levels for the company are sitting at:

The net margin for Okta Inc stands at -43.86. The total capital return value is set at -9.83, while invested capital returns managed to touch -10.38. Equity return is now at value -8.33, with -5.20 for asset returns.

Based on Okta Inc (OKTA), the company’s capital structure generated 43.30 points at debt to equity in total, while total debt to capital is 30.22. Total debt to assets is 25.43, with long-term debt to equity ratio resting at 42.72. Finally, the long-term debt to capital ratio is 29.81.

When we switch over and look at the enterprise to sales, we see a ratio of 6.54, with the company’s debt to enterprise value settled at 0.21. The receivables turnover for the company is 4.15 and the total asset turnover is 0.20. The liquidity ratio also appears to be rather interesting for investors as it stands at 2.14.

To put it simply, Okta Inc (OKTA) has had a mixed performance in recent times. Analysts have a mixed opinion on the stock, with some rating it as a “buy” and others as a “hold”. It is worth mentioning that the stock is currently trading in close proximity to its 50-day moving average and its 52-week high.

Okta Data Breach Update: Hackers Accessed Info on All Customers, Not Just 1% as Initially Stated

Okta, a US access and identity management company, disclosed that all of its customers' data was compromised during a recent support system breach, contradicting its October statement that only a fraction were affected.

The breach, initially confirmed in October, originated when a hacker exploited a stolen credential to access Okta's support case management system, pilfering customer-uploaded session tokens that provided access to the networks of Okta customers.

In contrast to Okta's initial assertion that roughly 1% of its customers, or 134 firms, were impacted, a blog post by Okta's Chief Security Officer, David Bradbury, published on Wednesday revealed that further investigation unveiled the far-reaching consequences, affecting all of Okta's approximately 18,000 customers, TechCrunch reported.

The breach, occurring on September 28, saw a hacker obtain a report containing data about all Okta customer support system users. While the vast majority of customers (99.6%) had only their full names and email addresses accessed, a subset faced potential exposure of additional details, including phone numbers, usernames, and specifics of employee roles.

Despite the absence of direct evidence of active exploitation, Okta acknowledged the potential for threat actors to leverage this information in phishing or social engineering attacks. The Scattered Spider hacking group, also known as Oktapus, known for employing social engineering tactics, has previously targeted Okta customers, including prominent entities like Caesars Entertainment and MGM Resorts.

Okta is advising all of its customers to adopt multi-factor authentication and deploy phishing-resistant authenticators, such as physical security keys.

Subsequent analysis by Okta revealed that the threat actor accessed "additional reports and support cases," encompassing contact information for all Okta-certified users and certain Okta Customer Identity Cloud (CIC) customer contacts. While Okta employee information was included in these reports, the extent of its impact on the company's 6,000 employees remains unconfirmed.

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Okta assures that none of its government customers are affected, and its Auth0 support case management system remains unharmed. The identity of the threat actors responsible for the breach remains undisclosed.

This incident follows Okta's recent caution to nearly 5,000 current and former employees regarding the exposure of their personal information due to a breach at its healthcare coverage provider, Rightway Healthcare, according to Bleeping Computer.

Okta's history of breaches includes a 2022 incident where hackers accessed confidential source code information stored in private GitHub repositories. The Lapsus$ extortion group had claimed a similar hack earlier in March, impacting approximately 2.5% of Okta's customer base.

News of the widespread data breach impacted Okta's shares, causing a 5% decline on Wednesday morning, as reported by CNBC. Despite the breach revelation, Okta posted Q3 earnings that surpassed estimates, reporting adjusted earnings per share of 44 cents against analyst expectations of 30 cents. Third-quarter sales exceeded the average forecast of $563 million at $584 million.

Okta is investigating the intrusion with a digital forensics company and will contact affected customers. The company emphasized its commitment to cybersecurity measures, given its critical role in providing identity management solutions to numerous businesses.

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