在谨慎的前景下，Okta在“预期升高”后下跌10%

Shares of Okta (NASDAQ:OKTA) declined about 10% premarket on Wednesday after the company's outlook was viewed as cautious amid "elevated expectations" by investors.

Morgan Stanley kept its Overweight rating on Okta, which provides secure identity solutions, with a $123 price target.

Analysts led by Keith Weiss said first quarter results beat across all metrics, though second quarter and fiscal year 2026 outlook were less favorable as management now contemplates macro-related uncertainties into their framework. The analysts added that they view management's more balanced approach as reasonable and continue to view the Identity Security opportunity favorably.

"While large customer growth and new product performance is encouraging, the company's updated guidance framework now contemplates additional prudence related to potential risks from the uncertain macro environment with management noting — the tone feels like it has changed," said the analysts.

Along with additional focus on seasonal current remaining performance obligations, or cRPO, coverage trends, likely a key driver of — the company's second quarter cRPO growth guidance of 10% to 11% year-over-year  (implying quarter-over-quarter growth -1% at the midpoint) coming in below consensus at +12%; and fiscal revenue growth guidance of +9% to 10% reiterated despite the modest first quarter beat. 

Weiss and his team continue to see Identity Security as a high priority among enterprise organizations and view Okta as relatively well-positioned. However, they noted that, recent share performance (+33% over trailing three months) contributed to "elevated expectations" and this combined with more mixed commentary including — pipeline strengthening in March and April; not seeing any impact in the quarter relative to macro versus what they have seen in prior quarters, and; a feeling in the environment that the tone has changed, likely leads to incremental hesitancy among investors.

Wells Fargo reiterated its Equal Weight rating on Okta with a $110 price target.

Analysts led by Andrew Nowinski said shares of Okta traded down, "despite solid Q1 results, as management factored in incremental conservatism to the guidance for Q2, which was well below Street expectations."

The analysts added that with subscription revenue growth continuing to decelerate, they have reiterated their Equal Weight rating.

Jefferies kept its Hold rating on Okta's stock but lowered the price target to $130 from $135.

Analysts Joseph Gallo and his team said Okta delivered "healthy results" with 14% year-over-year cRPO growth beating the guidance midpoint by 2%, but missed "elevated investor expectations" of about 15% year-over-year.

Fiscal 2026 revenue guidance was maintained at 9% to 10% year-over-year, now includes incremental prudence for macro uncertainty and continues to appear prudent. The fiscal second quarter cRPO guidance missed consensus by 1% and surprisingly implies the first quarter-over-quarter decline in the second quarter of Okta's public history, the analysts added. Positively, Okta beat on profitability and raised FY26 free cash flow, or FCF, guidance by 1 point to around 27%.

Related stocks: Shares of CyberArk Software (CYBR), Cloudflare (NET), CrowdStrike (CRWD), Check Point Software Technologies (CHKP) and Fortinet (FTNT) were largely flat premarket on Wednesday.