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

Zacks Equity Research
·2 min read

Okta (OKTA) closed the most recent trading day at $232.65, moving +0.09% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.68%. Elsewhere, the Dow lost 0.75%, while the tech-heavy Nasdaq lost 0.42%.

Heading into today, shares of the cloud identity management company had gained 7.34% over the past month, outpacing the Computer and Technology sector's gain of 4.09% and the S&P 500's gain of 4.61% in that time.

Investors will be hoping for strength from OKTA as it approaches its next earnings release, which is expected to be December 2, 2020. The company is expected to report EPS of -$0.02, up 71.43% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $202.63 million, up 32.41% from the year-ago period.

OKTA's full-year Zacks Consensus Estimates are calling for earnings of -$0.02 per share and revenue of $802.19 million. These results would represent year-over-year changes of +93.55% and +36.88%, respectively.

Investors should also note any recent changes to analyst estimates for OKTA. These recent revisions tend to reflect the evolving nature of short-term business trends. 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. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. OKTA is currently sporting 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 168, which puts it in the bottom 34% 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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