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Is Okta (OKTA) Stock Outpacing Its Computer and Technology Peers This Year?
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For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Okta (OKTA - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? One simple way to answer this question is to take a look at the year-to-date performance of OKTA and the rest of the Computer and Technology group's stocks.
Okta is a member of our Computer and Technology group, which includes 611 different companies and currently sits at #8 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. OKTA is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for OKTA's full-year earnings has moved 11.21% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, OKTA has returned 72.65% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 11.23% on average. This means that Okta is performing better than its sector in terms of year-to-date returns.
To break things down more, OKTA belongs to the Internet - Software and Services industry, a group that includes 18 individual companies and currently sits at #50 in the Zacks Industry Rank. On average, this group has gained an average of 23.54% so far this year, meaning that OKTA is performing better in terms of year-to-date returns.
OKTA will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.
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Is Okta (OKTA) Stock Outpacing Its Computer and Technology Peers This Year?
For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Okta (OKTA - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? One simple way to answer this question is to take a look at the year-to-date performance of OKTA and the rest of the Computer and Technology group's stocks.
Okta is a member of our Computer and Technology group, which includes 611 different companies and currently sits at #8 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. OKTA is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for OKTA's full-year earnings has moved 11.21% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, OKTA has returned 72.65% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 11.23% on average. This means that Okta is performing better than its sector in terms of year-to-date returns.
To break things down more, OKTA belongs to the Internet - Software and Services industry, a group that includes 18 individual companies and currently sits at #50 in the Zacks Industry Rank. On average, this group has gained an average of 23.54% so far this year, meaning that OKTA is performing better in terms of year-to-date returns.
OKTA will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.