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In the latest trading session, Okta (OKTA - Free Report) closed at $83.80, marking a +1.15% move from the previous day. The stock outpaced the S&P 500's daily gain of 1.04%. Elsewhere, the Dow saw an upswing of 0.76%, while the tech-heavy Nasdaq appreciated by 1.03%.
Coming into today, shares of the cloud identity management company had lost 15.5% in the past month. In that same time, the Computer and Technology sector lost 13.91%, while the S&P 500 lost 6.74%.
Market participants will be closely following the financial results of Okta in its upcoming release. The company plans to announce its earnings on August 28, 2024. In that report, analysts expect Okta to post earnings of $0.61 per share. This would mark year-over-year growth of 96.77%. In the meantime, our current consensus estimate forecasts the revenue to be $631.07 million, indicating a 13.5% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of $2.40 per share and a revenue of $2.53 billion, demonstrating changes of +50% and +11.91%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Okta. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Okta currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Okta has a Forward P/E ratio of 34.49 right now. This valuation marks a premium compared to its industry's average Forward P/E of 24.16.
Meanwhile, OKTA's PEG ratio is currently 1.4. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Internet - Software and Services industry had an average PEG ratio of 1.48 as trading concluded yesterday.
The Internet - Software and Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 53, positioning it in the top 21% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Okta (OKTA) Laps the Stock Market: Here's Why
In the latest trading session, Okta (OKTA - Free Report) closed at $83.80, marking a +1.15% move from the previous day. The stock outpaced the S&P 500's daily gain of 1.04%. Elsewhere, the Dow saw an upswing of 0.76%, while the tech-heavy Nasdaq appreciated by 1.03%.
Coming into today, shares of the cloud identity management company had lost 15.5% in the past month. In that same time, the Computer and Technology sector lost 13.91%, while the S&P 500 lost 6.74%.
Market participants will be closely following the financial results of Okta in its upcoming release. The company plans to announce its earnings on August 28, 2024. In that report, analysts expect Okta to post earnings of $0.61 per share. This would mark year-over-year growth of 96.77%. In the meantime, our current consensus estimate forecasts the revenue to be $631.07 million, indicating a 13.5% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of $2.40 per share and a revenue of $2.53 billion, demonstrating changes of +50% and +11.91%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Okta. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Okta currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Okta has a Forward P/E ratio of 34.49 right now. This valuation marks a premium compared to its industry's average Forward P/E of 24.16.
Meanwhile, OKTA's PEG ratio is currently 1.4. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Internet - Software and Services industry had an average PEG ratio of 1.48 as trading concluded yesterday.
The Internet - Software and Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 53, positioning it in the top 21% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.