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Okta (OKTA) Outpaces Stock Market Gains: What You Should Know
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Okta (OKTA - Free Report) closed at $65.85 in the latest trading session, marking a +1.46% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.34%. Elsewhere, the Dow gained 0.64%, while the tech-heavy Nasdaq added 8.98%.
Heading into today, shares of the cloud identity management company had lost 8.48% over the past month, lagging the Computer and Technology sector's loss of 0.17% and the S&P 500's gain of 1% in that time.
Okta will be looking to display strength as it nears its next earnings release. On that day, Okta is projected to report earnings of $0.09 per share, which would represent year-over-year growth of 150%. Meanwhile, our latest consensus estimate is calling for revenue of $488.99 million, up 27.67% from the prior-year quarter.
OKTA's full-year Zacks Consensus Estimates are calling for earnings of -$0.27 per share and revenue of $1.84 billion. These results would represent year-over-year changes of +41.3% and +41.28%, respectively.
It is also important to note the recent changes to analyst estimates for Okta. Recent revisions tend to reflect the latest 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 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 2.15% higher. Okta is holding a Zacks Rank of #2 (Buy) right now.
The Internet - Software and Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 92, 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Okta (OKTA) Outpaces Stock Market Gains: What You Should Know
Okta (OKTA - Free Report) closed at $65.85 in the latest trading session, marking a +1.46% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.34%. Elsewhere, the Dow gained 0.64%, while the tech-heavy Nasdaq added 8.98%.
Heading into today, shares of the cloud identity management company had lost 8.48% over the past month, lagging the Computer and Technology sector's loss of 0.17% and the S&P 500's gain of 1% in that time.
Okta will be looking to display strength as it nears its next earnings release. On that day, Okta is projected to report earnings of $0.09 per share, which would represent year-over-year growth of 150%. Meanwhile, our latest consensus estimate is calling for revenue of $488.99 million, up 27.67% from the prior-year quarter.
OKTA's full-year Zacks Consensus Estimates are calling for earnings of -$0.27 per share and revenue of $1.84 billion. These results would represent year-over-year changes of +41.3% and +41.28%, respectively.
It is also important to note the recent changes to analyst estimates for Okta. Recent revisions tend to reflect the latest 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 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 2.15% higher. Okta is holding a Zacks Rank of #2 (Buy) right now.
The Internet - Software and Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 92, 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.
You can find more information on all of these metrics, and much more, on Zacks.com.