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Okta (OKTA) Gains As Market Dips: What You Should Know

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Okta (OKTA) closed the most recent trading day at $262.17, moving +0.55% from the previous trading session. This change outpaced the S&P 500's 0.58% loss on the day.

Coming into today, shares of the cloud identity management company had gained 4.08% in the past month. In that same time, the Computer and Technology sector gained 2.42%, while the S&P 500 gained 2.07%.

Wall Street will be looking for positivity from OKTA as it approaches its next earnings report date. This is expected to be September 1, 2021. The company is expected to report EPS of -$0.35, down 600% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $296.23 million, up 47.78% from the prior-year quarter.

For the full year, our Zacks Consensus Estimates are projecting earnings of -$1.12 per share and revenue of $1.21 billion, which would represent changes of -1118.18% and +44.95%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for OKTA. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about 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.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. OKTA is currently a Zacks Rank #4 (Sell).

The Internet - Software and Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 123, which puts it in the top 49% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.


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