Okta price target lowered to $105 from $130 at Jefferies

Jefferies analyst Joseph Gallo lowered the firm’s price target on Okta (OKTA) to $105 from $130 and keeps a Hold rating on the shares. The firm believes cybersecurity spend will remain “robust” and continue to hold a “steady percentage” of software budgets in the coming years. Jefferies keeps a favorable view on security for the long-term saying it has taken on greater importance.