Back to top

Image: Bigstock

Okta (OKTA) Outpaces Stock Market Gains: What You Should Know

Read MoreHide Full Article

In the latest trading session, Okta (OKTA - Free Report) closed at $129.35, marking a +1.02% move from the previous day. This change outpaced the S&P 500's 0.73% gain on the day. At the same time, the Dow added 0.51%, and the tech-heavy Nasdaq gained 1.34%.

Coming into today, shares of the cloud identity management company had gained 9.16% in the past month. In that same time, the Computer and Technology sector gained 2.97%, while the S&P 500 0%.

OKTA will be looking to display strength as it nears its next earnings release. On that day, OKTA is projected to report earnings of -$0.05 per share, which would represent a year-over-year decline of 25%. Our most recent consensus estimate is calling for quarterly revenue of $155.77 million, up 34.9% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.36 per share and revenue of $574.57 million, which would represent changes of -12.5% and +43.91%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for OKTA. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.47% higher. OKTA is currently a Zacks Rank #3 (Hold).

The Internet - Software and Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 87, which puts it in the top 35% 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.

Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


Okta, Inc. (OKTA) - free report >>

Published in