Okta profitability ‘will help support the floor,’ says Jefferies

Jefferies analyst Joseph Gallo keeps a Hold rating on Okta with a $95 price target after the company announced a 7% cut in its workforce as it looks to strengthen its commitment to profitable growth. The firm expects Okta will keep this framework in mind with its updated fiscal 2025 guidance as it shifts from a growth company more into profitability. Jefferies thinks profitability “will help support the floor “of Okta shares. The company still has ample room for operating efficiencies, the analyst tells investors in a research note.