Jefferies not expecting impact to Okta growth from layoffs

Jefferies reiterated a Hold rating and $90 price target on Okta (OKTA) after the company announced a roughly 3% cut in 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.