Okta (OKTA) closed the most recent trading day at $129.39, moving +0.68% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.29%. At the same time, the Dow lost 0.46%, and the tech-heavy Nasdaq lost 0.27%.
Heading into today, shares of the cloud identity management company had gained 13.48% over the past month, outpacing the Computer and Technology sector's gain of 7.47% and the S&P 500's gain of 4.56% in that time.
Wall Street will be looking for positivity from OKTA as it approaches its next earnings report date. On that day, OKTA is projected to report earnings of -$0.05 per share, which would represent a year-over-year decline of 25%. Our most recent consensus estimate is calling for quarterly revenue of $155.77 million, up 34.9% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.36 per share and revenue of $574.57 million. These totals would mark changes of -12.5% and +43.91%, respectively, from last year.
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. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 has moved 0.47% higher. 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 group has a Zacks Industry Rank of 66, putting it in the top 26% 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.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Okta, Inc. (OKTA) : Free Stock Analysis Report
To read this article on Zacks.com click here.