Okta price target lowered to $85 from $100 at Jefferies

Jefferies lowered the firm’s price target on Okta (OKTA) to $85 from $100 and keeps a Hold rating on the shares. Taking a preliminary look at calendar year 2025 top-line consensus estimates across the firm’s U.S. software coverage, the firm acknowledges it remains early with two quarters still left in 2024, and sees “many reasons for top-line growth optimism,” but believes that consensus estimates are “generally too high,” the analyst tells investors. Among the group, the analyst calls out CyberArk (CYBR) and Varonis (VRNS) as “having the most appealing setups” and Okta as having “the most challenging.”