Yahoo Finance 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. Has Okta (OKTA) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.
Okta is a member of the Computer and Technology sector. This group includes 646 individual stocks and currently holds a Zacks Sector Rank of #7. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader 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 19.3% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that OKTA has returned about 20.4% since the start of the calendar year. At the same time, Computer and Technology stocks have gained an average of 16.3%. This means that Okta is outperforming the sector as a whole this year.
Another stock in the Computer and Technology sector, CTS (CTS), has outperformed the sector so far this year. The stock's year-to-date return is 16.8%.
Over the past three months, CTS's consensus EPS estimate for the current year has increased 1.8%. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Okta belongs to the Internet - Software and Services industry, a group that includes 12 individual stocks and currently sits at #66 in the Zacks Industry Rank. Stocks in this group have gained about 10.2% so far this year, so OKTA is performing better this group in terms of year-to-date returns.
On the other hand, CTS belongs to the Electronics - Miscellaneous Components industry. This 28-stock industry is currently ranked #156. The industry has moved +7.9% year to date.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to Okta and CTS as they could maintain their solid performance.
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Okta, Inc. (OKTA) : Free Stock Analysis Report
CTS Corporation (CTS) : Free Stock Analysis Report
