Jefferies reiterated a Hold rating and $90 price target on Okta (OKTA) after the company announced a roughly 3% cut tin its workforce. Based on historical current remaining performance obligation bookings growth trends following prior layoffs, the firm doesn’t expect any impact to growth supported by strength in its recent survey, the analyst tells investors in a research note. The firm added that it finds it notable that this announcement focuses on growth whereas the previous year’s layoff announcement was focused on profitability.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on OKTA:
- Okta Layoffs Affect 180 Employees As Identity Company Shifts Focus
- Okta laid off 180 workers today, TechCrunch reports
- Okta enters multi-year partnership with McLaren Formula 1 team
- Trump Trade: Musk plays down Stargate AI investment announcement
- DHS dismisses cyber review board amid cost cutting effort, Defense One reports
Questions or Comments about the article? Write to editor@tipranks.com