Okta (OKTA) Gains As Market Dips: What You Should Know
Okta (OKTA) closed the most recent trading day at $222.95, moving +1.44% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.56%. Meanwhile, the Dow lost 1.39%, and the Nasdaq, a tech-heavy index, added 0.53%.
Coming into today, shares of the cloud identity management company had gained 21.12% in the past month. In that same time, the Computer and Technology sector gained 5.97%, while the S&P 500 lost 1.79%.
OKTA will be looking to display strength as it nears its next earnings release. In that report, analysts expect OKTA to post earnings of -$0.02 per share. This would mark year-over-year growth of 60%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $190.56 million, up 35.65% from the year-ago period.
OKTA's full-year Zacks Consensus Estimates are calling for earnings of -$0.19 per share and revenue of $791.61 million. These results would represent year-over-year changes of +38.71% and +35.07%, respectively.
Any recent changes to analyst estimates for OKTA should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 remained stagnant within the past month. OKTA currently has a Zacks Rank of #2 (Buy).
The Internet - Software and Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 148, putting it in the bottom 42% 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.
To follow OKTA in the coming trading sessions, be sure to utilize Zacks.com.
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