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In the latest trading session, Okta (OKTA) closed at $219.58, marking a +1.83% move from the previous day. This move outpaced the S&P 500's daily gain of 0.23%. Elsewhere, the Dow lost 0.03%, while the tech-heavy Nasdaq added 0.09%.
Heading into today, shares of the cloud identity management company had lost 15.67% over the past month, lagging the Computer and Technology sector's gain of 3.69% and the S&P 500's gain of 3.34% in that time.
Investors will be hoping for strength from Okta as it approaches its next earnings release, which is expected to be December 1, 2021. On that day, Okta is projected to report earnings of -$0.23 per share, which would represent a year-over-year decline of 675%. Our most recent consensus estimate is calling for quarterly revenue of $327.33 million, up 50.58% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.75 per share and revenue of $1.25 billion, which would represent changes of -781.82% and +49.55%, respectively, from the prior year.
Investors should also note any 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.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Okta is holding a Zacks Rank of #4 (Sell) right now.
The Internet - Software and Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 95, putting it in the top 38% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
To follow OKTA in the coming trading sessions, be sure to utilize Zacks.com.
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