Okta shares closed at $187.26 on Friday, October 16. The stock price fell 10.20% during the session. This decline marks the fifth consecutive day of losses.
The sell-off partially erases a 160% rally achieved over the previous six months. Analysts attribute the drop to investor profit-taking after substantial gains. GuruFocus identifies the stock as significantly overvalued based on intrinsic value.
Broader technology sector pressures weighed on the share price. Significant insider selling over the past year has increased investor caution. No specific negative catalyst for Okta was reported alongside the decline.