Okta (OKTA) closed the most recent trading day at $137.02, moving +1.02% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.47%. At the same time, the Dow lost 0.29%, and the tech-heavy Nasdaq gained 0.85%.
Coming into today, shares of the cloud identity management company had gained 12.1% in the past month. In that same time, the Computer and Technology sector gained 2.8%, while the S&P 500 gained 2.08%.
Wall Street will be looking for positivity from OKTA as it approaches its next earnings report date. The company is expected to report EPS of -$0.10, up 33.33% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $131.09 million, up 38.59% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.46 per share and revenue of $546.36 million. These totals would mark changes of -43.75% and +36.85%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for OKTA. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, 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. Within the past 30 days, our consensus EPS projection 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 group has a Zacks Industry Rank of 27, putting it in the top 11% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
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