Okta named a new best idea short at Hedgeye
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Okta Inc. (NASDAQ:OKTA) was named a new best idea short at Hedgeye. Okta fell 3.4%.
The bear case for Okta (OKTA) that is that measures of core Okta adoption are slowing, according to Hedgeye analyst Ami Joseph in a note earlier Tuesday. In addition Microsoft's (MSFT) product is improving and capturing "incremental" market share.

Hedgeye sees 40% downside risk on as 12-18 month time and Joseph believes OKTA will be an underperformer for the next several years. Hedgeye is hosting a presentation on the OKTA short idea next Monday.
OKTA short interest is 3.7%.

On Monday, Okta fell after Wells Fargo cut its PT, citing lower software valuations amid correction.