Okta (OKTA) Dips More Than Broader Markets: What You Should Know
Okta (OKTA) closed at $50.09 in the latest trading session, marking a -1.28% move from the prior day. This move lagged the S&P 500's daily loss of 0.03%. Meanwhile, the Dow gained 0.45%, and the Nasdaq, a tech-heavy index, lost 0.05%.
Prior to today's trading, shares of the cloud identity management company had lost 10.24% over the past month. This has lagged the Computer and Technology sector's gain of 4.69% and the S&P 500's gain of 6.23% in that time.
Okta will be looking to display strength as it nears its next earnings release, which is expected to be November 30, 2022. In that report, analysts expect Okta to post earnings of -$0.24 per share. This would mark a year-over-year decline of 242.86%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $463.62 million, up 32.21% from the year-ago period.
OKTA's full-year Zacks Consensus Estimates are calling for earnings of -$0.71 per share and revenue of $1.81 billion. These results would represent year-over-year changes of -54.35% and +39.4%, respectively.
Investors might also notice recent changes to analyst estimates for Okta. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.05% higher within the past month. Okta currently has a Zacks Rank of #3 (Hold).
The Internet - Software and Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 187, which puts it in the bottom 26% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Okta, Inc. (OKTA) : Free Stock Analysis Report
