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Okta (OKTA) Stock Sinks As Market Gains: What You Should Know
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Okta (OKTA - Free Report) closed at $270.58 in the latest trading session, marking a -1.42% move from the prior day. This change lagged the S&P 500's daily gain of 0.13%. At the same time, the Dow added 0.05%, and the tech-heavy Nasdaq lost 0.5%.
Heading into today, shares of the cloud identity management company had gained 9.23% over the past month, outpacing the Computer and Technology sector's gain of 1.71% and the S&P 500's gain of 1.1% in that time.
OKTA will be looking to display strength as it nears its next earnings release, which is expected to be March 3, 2021. On that day, OKTA is projected to report earnings of -$0.01 per share, which would represent no growth from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $221.57 million, up 32.41% from the year-ago period.
It is also important to note the recent changes to analyst estimates for OKTA. 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 remained stagnant. OKTA currently has 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 219, putting it in the bottom 15% 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.
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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Okta (OKTA) Stock Sinks As Market Gains: What You Should Know
Okta (OKTA - Free Report) closed at $270.58 in the latest trading session, marking a -1.42% move from the prior day. This change lagged the S&P 500's daily gain of 0.13%. At the same time, the Dow added 0.05%, and the tech-heavy Nasdaq lost 0.5%.
Heading into today, shares of the cloud identity management company had gained 9.23% over the past month, outpacing the Computer and Technology sector's gain of 1.71% and the S&P 500's gain of 1.1% in that time.
OKTA will be looking to display strength as it nears its next earnings release, which is expected to be March 3, 2021. On that day, OKTA is projected to report earnings of -$0.01 per share, which would represent no growth from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $221.57 million, up 32.41% from the year-ago period.
It is also important to note the recent changes to analyst estimates for OKTA. 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 remained stagnant. OKTA currently has 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 219, putting it in the bottom 15% 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.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.