Okta's Security Breach Puts Sales at Risk in Near Term, Evercore Analysts Say

The company, which helps businesses authenticate users to keep their applications secure, disclosed a hack on Friday.

Evercore analysts are downbeat about Okta ‘s stock after the identity-management software company suffered its second major breach in two years.

Shares of Okta closed down 12% on Friday at $75.57. They had lost more than 9% after markets opened on Monday. Okta’s systems were breached early last year as well after a hacking group gained access to the machine of a third-party contract employee. Last month, casino operators MGM Resorts and Caesars Entertainment were among a group of Okta’s customers that became victims of cyberattacks.

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