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

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Okta (OKTA) closed at $190.90 in the latest trading session, marking a +1.4% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.28%. Elsewhere, the Dow gained 0.29%, while the tech-heavy Nasdaq added 0.16%.

Prior to today's trading, shares of the cloud identity management company had lost 17.54% over the past month. This has lagged the Computer and Technology sector's loss of 10.69% and the S&P 500's loss of 5.39% in that time.

Wall Street will be looking for positivity from Okta as it approaches its next earnings report date. On that day, Okta is projected to report earnings of -$0.24 per share, which would represent a year-over-year decline of 500%. Meanwhile, our latest consensus estimate is calling for revenue of $359.38 million, up 53.1% from the prior-year quarter.

For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.52 per share and revenue of $1.28 billion, which would represent changes of -572.73% and +52.81%, respectively, from the prior year.

Any recent changes to analyst estimates for Okta should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-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. 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.

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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Okta is currently sporting a Zacks Rank of #2 (Buy).

The Internet - Software and Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 90, which puts 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.


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