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Okta Hints at Possible Activist Investor
Shares of the cybersecurity firm are down 70% since we warned of an accounting change that temporarily inflated billings.
December 1, 2022
Shares of Okta (OKTA), an identification management platform, jumped more than 24% after management announced it plans to be profitable in FY24. Though light on details, Okta also indicated it’s now making progress integrating AuthO, a $6.2 billion acquisition that resulted in significant go-to-market trouble between the two sales organizations.
Notably, Okta also inserted new language in its latest quarterly filing we believe may be responsible for at least a portion of the share price increase:
“...actions and investment positions taken by institutional and other stockholders, including activist investor;”
We checked and “activist investor” is not mentioned in the previous four 10-Qs or three 10-Ks.
In March 2021, we added Okta to our DuDil Shorts list and warned Okta was set to lap an accounting change that had been inflating billings.
Shares are down 70.3% since.
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