Okta (OKTA) is down about 6% in Friday trading, extending a choppy post-earnings tape as investors digest a more cautious growth outlook and a string of analyst price-target reductions that followed the company’s fiscal fourth-quarter and full-year 2026 update released March 4, 2026. While Okta posted double-digit revenue growth and expanding cash generation in the quarter, the market has remained sensitive to any sign that identity-security demand is steady rather than accelerating—especially for a stock that has been oscillating near its recent lows.

In its March 4, 2026 results, Okta reported Q4 revenue growth of 11% year over year and disclosed that remaining performance obligations rose 15% year over year (with current RPO up 12%), alongside $258 million of operating cash flow and $252 million of free cash flow. Despite those headline beats, the company’s guidance posture has been characterized as prudent in recent coverage, and the market has repeatedly sold rallies when forward growth expectations don’t move higher.

Since late February and early March, several firms have reduced Okta price targets (often while keeping positive ratings), which can weigh on sentiment even without a formal downgrade. Recent examples include Cantor Fitzgerald trimming its target to $100 from $115 (Feb. 27, 2026) and Stephens lowering its target to $95 from $120 after the earnings release (March 5, 2026). The cumulative effect is a narrative shift from “re-rating higher” to “valuation support only,” making the shares more vulnerable to risk-off flows on a weak tape.