Okta (OKTA) closed the most recent trading day at $104.99, moving -1.33% from the previous trading session. This change lagged the S&P 500's 0.28% gain on the day. At the same time, the Dow added 0.09%, and the tech-heavy Nasdaq gained 0.4%.
Prior to today's trading, shares of the cloud identity management company had gained 2.67% over the past month. This has outpaced the Computer and Technology sector's gain of 0.51% and the S&P 500's loss of 0.14% in that time.
OKTA will be looking to display strength as it nears 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.
OKTA's full-year Zacks Consensus Estimates are calling for earnings of -$0.43 per share and revenue of $561.46 million. These results would represent year-over-year changes of -34.38% and +40.63%, respectively.
Any recent changes to analyst estimates for OKTA should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% 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 57, which puts it in the top 23% 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.
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