Okta (OKTA) closed at $53.75 in the latest trading session, marking a -1.54% move from the prior day. This change was narrower than the S&P 500's daily loss of 2.71%. Meanwhile, the Dow lost 2.91%, and the Nasdaq, a tech-heavy index, lost 2.21%.
Coming into today, shares of the cloud identity management company had gained 5.61% in the past month. In that same time, the Computer and Technology sector lost 6.7%, while the S&P 500 lost 8.68%.
OKTA will be looking to display strength as it nears its next earnings release, which is expected to be March 6, 2019. On that day, OKTA is projected to report earnings of -$0.08 per share, which would represent year-over-year growth of 20%. Our most recent consensus estimate is calling for quarterly revenue of $107.99 million, up 38.89% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.36 per share and revenue of $391.78 million. These totals would mark changes of +53.25% and +50.69%, respectively, from last year.
Any recent changes to analyst estimates for OKTA should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 6.38% higher within the past month. OKTA is currently sporting a Zacks Rank of #3 (Hold).
The Internet - Software and Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 93, putting it in the top 36% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.