Okta (OKTA) closed at $221.35 in the latest trading session, marking a +0.01% move from the prior day. This change outpaced the S&P 500's 3.53% loss on the day. At the same time, the Dow lost 3.44%, and the tech-heavy Nasdaq lost 3.73%.
Heading into today, shares of the cloud identity management company had gained 3.64% over the past month, lagging the Computer and Technology sector's gain of 4.77% and outpacing the S&P 500's gain of 2.89% in that time.
OKTA will be looking to display strength as it nears its next earnings release. On that day, OKTA is projected to report earnings of -$0.02 per share, which would represent year-over-year growth of 71.43%. Meanwhile, our latest consensus estimate is calling for revenue of $202.63 million, up 32.41% from the prior-year quarter.
OKTA's full-year Zacks Consensus Estimates are calling for earnings of -$0.02 per share and revenue of $802.19 million. These results would represent year-over-year changes of +93.55% and +36.88%, respectively.
It is also important to note the recent changes to analyst estimates for OKTA. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. OKTA currently has a Zacks Rank of #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 226, which puts it in the bottom 11% 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.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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