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Okta (OKTA) Outpaces Stock Market Gains: What You Should Know
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In the latest trading session, Okta (OKTA - Free Report) closed at $201.42, marking a +1.78% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.69%. At the same time, the Dow added 0.78%, and the tech-heavy Nasdaq gained 0.28%.
Prior to today's trading, shares of the cloud identity management company had lost 11.13% over the past month. This has lagged the Computer and Technology sector's loss of 8.19% and the S&P 500's loss of 5.29% in that time.
Wall Street will be looking for positivity from Okta as it approaches its next earnings report date. In that report, analysts expect Okta to post earnings of -$0.24 per share. This would mark a year-over-year decline of 500%. Meanwhile, our latest consensus estimate is calling for revenue of $359.38 million, up 53.1% from the prior-year quarter.
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. As a result, we can interpret positive estimate revisions as a good sign for 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, 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 currently has 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 93, which puts it in the top 37% 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.
To follow OKTA in the coming trading sessions, be sure to utilize Zacks.com.
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Okta (OKTA) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Okta (OKTA - Free Report) closed at $201.42, marking a +1.78% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.69%. At the same time, the Dow added 0.78%, and the tech-heavy Nasdaq gained 0.28%.
Prior to today's trading, shares of the cloud identity management company had lost 11.13% over the past month. This has lagged the Computer and Technology sector's loss of 8.19% and the S&P 500's loss of 5.29% in that time.
Wall Street will be looking for positivity from Okta as it approaches its next earnings report date. In that report, analysts expect Okta to post earnings of -$0.24 per share. This would mark a year-over-year decline of 500%. Meanwhile, our latest consensus estimate is calling for revenue of $359.38 million, up 53.1% from the prior-year quarter.
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. As a result, we can interpret positive estimate revisions as a good sign for 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, 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 currently has 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 93, which puts it in the top 37% 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.
To follow OKTA in the coming trading sessions, be sure to utilize Zacks.com.