On September 1, Okta Inc. fell 5.21% in regular trading, trading at $163.87/share, with turnover of $169 million. The decline comes as the stock gives back a portion of its sharp post-earnings gains from August 27, when shares surged over 20% following a strong Q2 earnings beat and upwardly revised full-year guidance.

Okta reported Q2 adjusted EPS of $1.05, beating the consensus estimate of $0.97 by 8.25%, while revenue rose 11% year-over-year to $805 million, topping the $793 million expectation. The company raised its fiscal 2027 full-year revenue guidance to $3.22–$3.23 billion and adjusted EPS to $3.90–$3.94, both above analyst forecasts. Multiple analysts, including RBC and Oppenheimer, raised price targets, citing the company's emerging opportunity in AI agent identity management as a potential growth driver.

The broader Internet Services & Infrastructure sector also traded lower on the session, with CoreWeave down 2.7%, Shopify down 3.03%, Snowflake down 2.5%, MongoDB down 3.19%, and Cloudflare down 3.84%, suggesting the pullback reflects both profit-taking and sector-wide softness rather than a fundamental deterioration.

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