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Okta (OKTA) Stock Moves 1.84%: What You Should Know
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In the latest trading session, Okta (OKTA - Free Report) closed at $92.02, marking a +1.84% move from the previous day. Meanwhile, the Dow lost 0.36%, and the Nasdaq, a tech-heavy index, added 0.21%.
Coming into today, shares of the cloud identity management company had lost 5.95% in the past month. In that same time, the Computer and Technology sector lost 11.22%, while the S&P 500 lost 4.22%.
The investment community will be closely monitoring the performance of Okta in its forthcoming earnings report. The company is scheduled to release its earnings on August 28, 2024. On that day, Okta is projected to report earnings of $0.61 per share, which would represent year-over-year growth of 96.77%. Alongside, our most recent consensus estimate is anticipating revenue of $631.07 million, indicating a 13.5% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.40 per share and revenue of $2.53 billion, indicating changes of +50% and +11.91%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Okta. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. At present, Okta boasts a Zacks Rank of #3 (Hold).
In the context of valuation, Okta is at present trading with a Forward P/E ratio of 37.62. This denotes a premium relative to the industry's average Forward P/E of 25.13.
It is also worth noting that OKTA currently has a PEG ratio of 1.53. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Internet - Software and Services industry stood at 1.53 at the close of the market yesterday.
The Internet - Software and Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 86, which puts it in the top 34% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Okta (OKTA) Stock Moves 1.84%: What You Should Know
In the latest trading session, Okta (OKTA - Free Report) closed at $92.02, marking a +1.84% move from the previous day. Meanwhile, the Dow lost 0.36%, and the Nasdaq, a tech-heavy index, added 0.21%.
Coming into today, shares of the cloud identity management company had lost 5.95% in the past month. In that same time, the Computer and Technology sector lost 11.22%, while the S&P 500 lost 4.22%.
The investment community will be closely monitoring the performance of Okta in its forthcoming earnings report. The company is scheduled to release its earnings on August 28, 2024. On that day, Okta is projected to report earnings of $0.61 per share, which would represent year-over-year growth of 96.77%. Alongside, our most recent consensus estimate is anticipating revenue of $631.07 million, indicating a 13.5% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.40 per share and revenue of $2.53 billion, indicating changes of +50% and +11.91%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Okta. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. At present, Okta boasts a Zacks Rank of #3 (Hold).
In the context of valuation, Okta is at present trading with a Forward P/E ratio of 37.62. This denotes a premium relative to the industry's average Forward P/E of 25.13.
It is also worth noting that OKTA currently has a PEG ratio of 1.53. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Internet - Software and Services industry stood at 1.53 at the close of the market yesterday.
The Internet - Software and Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 86, which puts it in the top 34% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.