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Okta (OKTA) Gains But Lags Market: What You Should Know
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Okta (OKTA - Free Report) closed at $51.41 in the latest trading session, marking a +1.26% move from the prior day. This change lagged the S&P 500's 2.6% gain on the day. At the same time, the Dow added 2.83%, and the tech-heavy Nasdaq lost 0.05%.
Heading into today, shares of the cloud identity management company had lost 16.5% over the past month, lagging the Computer and Technology sector's loss of 15.89% and the S&P 500's loss of 12.9% 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 -$0.24 per share. This would mark a year-over-year decline of 242.86%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $465.25 million, up 32.67% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.72 per share and revenue of $1.82 billion, which would represent changes of -56.52% and +39.89%, respectively, from the prior year.
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 such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. The Zacks Consensus EPS estimate has moved 0.39% higher within the past month. Okta currently has a Zacks Rank of #2 (Buy).
The Internet - Software and Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 18, putting it in the top 8% 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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Okta (OKTA) Gains But Lags Market: What You Should Know
Okta (OKTA - Free Report) closed at $51.41 in the latest trading session, marking a +1.26% move from the prior day. This change lagged the S&P 500's 2.6% gain on the day. At the same time, the Dow added 2.83%, and the tech-heavy Nasdaq lost 0.05%.
Heading into today, shares of the cloud identity management company had lost 16.5% over the past month, lagging the Computer and Technology sector's loss of 15.89% and the S&P 500's loss of 12.9% 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 -$0.24 per share. This would mark a year-over-year decline of 242.86%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $465.25 million, up 32.67% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.72 per share and revenue of $1.82 billion, which would represent changes of -56.52% and +39.89%, respectively, from the prior year.
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 such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. The Zacks Consensus EPS estimate has moved 0.39% higher within the past month. Okta currently has a Zacks Rank of #2 (Buy).
The Internet - Software and Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 18, putting it in the top 8% 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.