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Okta (OKTA) Gains As Market Dips: What You Should Know
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Okta (OKTA - Free Report) closed the most recent trading day at $93.11, moving +0.45% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.51%. Elsewhere, the Dow gained 0.2%, while the tech-heavy Nasdaq lost 0.93%.
Shares of the cloud identity management company witnessed a gain of 4.97% over the previous month, beating the performance of the Computer and Technology sector with its loss of 2.41% and the S&P 500's loss of 0.26%.
Analysts and investors alike will be keeping a close eye on the performance of Okta in its upcoming earnings disclosure. The company is predicted to post an EPS of $0.61, indicating a 96.77% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $631.07 million, up 13.5% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.40 per share and a revenue of $2.53 billion, signifying shifts of +50% and +11.91%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Okta. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Okta is currently sporting a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Okta is currently trading at a Forward P/E ratio of 38.59. For comparison, its industry has an average Forward P/E of 25.16, which means Okta is trading at a premium to the group.
Also, we should mention that OKTA has a PEG ratio of 1.57. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. Internet - Software and Services stocks are, on average, holding a PEG ratio of 1.57 based on yesterday's closing prices.
The Internet - Software and Services industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 23, finds itself in the top 10% echelons 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Okta (OKTA) Gains As Market Dips: What You Should Know
Okta (OKTA - Free Report) closed the most recent trading day at $93.11, moving +0.45% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.51%. Elsewhere, the Dow gained 0.2%, while the tech-heavy Nasdaq lost 0.93%.
Shares of the cloud identity management company witnessed a gain of 4.97% over the previous month, beating the performance of the Computer and Technology sector with its loss of 2.41% and the S&P 500's loss of 0.26%.
Analysts and investors alike will be keeping a close eye on the performance of Okta in its upcoming earnings disclosure. The company is predicted to post an EPS of $0.61, indicating a 96.77% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $631.07 million, up 13.5% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.40 per share and a revenue of $2.53 billion, signifying shifts of +50% and +11.91%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Okta. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Okta is currently sporting a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Okta is currently trading at a Forward P/E ratio of 38.59. For comparison, its industry has an average Forward P/E of 25.16, which means Okta is trading at a premium to the group.
Also, we should mention that OKTA has a PEG ratio of 1.57. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. Internet - Software and Services stocks are, on average, holding a PEG ratio of 1.57 based on yesterday's closing prices.
The Internet - Software and Services industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 23, finds itself in the top 10% echelons 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.