Shares of Okta (NASDAQ:OKTA) stock are getting hit hard on Thursday after the company announced its acquisition of Auth0 following market close on Wednesday.
Source: Lori Butcher / Shutterstock.com
Normally when you read about a company making an acquisition, that means good things for that firm and its stock. That said, why is OKTA stock taking a beating after this move? Here’s what you need to know.
Todd McKinnon, CEO and co-founder of Okta, said this regarding the OKTA stock acquisition of Auth0.
“Combining Auth0’s developer-centric identity solution with the Okta Identity Cloud will drive tremendous value for both current and future customers … Okta’s and Auth0’s shared vision for the identity market, rooted in customer success, will accelerate our innovation, opening up new ways for our customers to leverage identity to meet their business needs.”
OKTA stock was down 4.4% as of Thursday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.
The post OKTA Stock: 11 Things to Know About Cybersecurity Play Okta and Its Big Acquisition appeared first on InvestorPlace.
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