Okta (OKTA) Stock Moves 0.28%: What You Should Know
In the latest trading session, Okta (OKTA) closed at $78.23, marking a +0.28% move from the previous day. Meanwhile, the Dow gained 0.29%, and the Nasdaq, a tech-heavy index, added 1.92%.
Coming into today, shares of the cloud identity management company had lost 2.48% in the past month. In that same time, the Computer and Technology sector gained 10.29%, while the S&P 500 gained 6.51%.
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 year-over-year growth of 144.44%. Our most recent consensus estimate is calling for quarterly revenue of $510.57 million, up 23.05% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $0.76 per share and revenue of $2.17 billion. These totals would mark changes of +2000% and +16.62%, respectively, from last 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.
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.
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 has moved 1.02% higher. Okta currently has a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that Okta has a Forward P/E ratio of 102.38 right now. Its industry sports an average Forward P/E of 24.03, so we one might conclude that Okta is trading at a premium comparatively.
Investors should also note that OKTA has a PEG ratio of 4.09 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Internet - Software and Services stocks are, on average, holding a PEG ratio of 4.09 based on yesterday's closing prices.
The Internet - Software and Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 69, putting it in the top 28% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Okta, Inc. (OKTA) : Free Stock Analysis Report
