Okta (OKTA) Outpaces Stock Market Gains: What You Should Know
Okta (OKTA) closed at $116.24 in the latest trading session, marking a +1.46% move from the prior day. This change outpaced the S&P 500's 1.09% gain on the day. At the same time, the Dow added 1.21%, and the tech-heavy Nasdaq gained 1.34%.
Coming into today, shares of the cloud identity management company had gained 7.71% in the past month. In that same time, the Computer and Technology sector lost 0.65%, while the S&P 500 lost 1.17%.
Investors will be hoping for strength from OKTA as it approaches its next earnings release. In that report, analysts expect OKTA to post earnings of -$0.12 per share. This would mark a year-over-year decline of 200%. Meanwhile, our latest consensus estimate is calling for revenue of $143.38 million, up 35.8% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.43 per share and revenue of $561.46 million, which would represent changes of -34.38% and +40.63%, 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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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.
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 0.23% lower. 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 35, which puts it in the top 14% 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.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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