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

This story originally appeared on Zacks

Okta (OKTA) closed the last trading day at $204.41, up 1.19% from the previous trading session. That change outpaced the S&P 500’s gain of 0.08% on the day. Elsewhere, the Dow Jones lost 0.56%, while the big tech Nasdaq lost 0.42%.

– Zacks

Heading into the day, shares of the cloud identity management company have lost 4.63% over the past month, outpacing the computer and technology sector’s loss of 5.11% and falling behind the S&P 500’s 0.22% gain in the time.

Investors are hoping for strength from Okta as it nears its next earnings release. The company is expected to report earnings per share – $0.24, down 500% from the previous quarter. Meanwhile, our latest consensus estimate calls for revenue of $359.38 million, up 53.1% over the prior year quarter.

Looking at the full year, our Zacks Consensus estimates that analysts expect earnings of $0.52 per share and revenue of $1.28 billion. These totals will indicate changes of -572.73% and +52.81%, respectively, from last year.

It is also important to note recent changes in analyst estimates for Okta. Recent reviews tend to reflect the latest near-term business trends. As such, positive rating reviews reflect the analyst’s optimism about the company’s business and profitability.

Our research shows that these discretionary changes are directly correlated with near-term stock prices. Investors can take advantage of this using Zacks Rank. This model takes into account these changes in grading and provides a simple and actionable rating system.

Ranging from #1 (strong buy) to #5 (strong sell), the Zacks Rank system has an externally audited track record of outperforming, returning the #1 stock an average of +25% per year since 1988. Zacks consensus has been profitability estimates The stock is stagnant over the past month. Okta holds a Zacks rating of number two (buy) at the moment.

Internet – The software and services industry is part of the computer and technology sector. The industry currently has a Zacks Industry Rating of 86, placing it in the top 34% of all 250+ industries.

Zacks Industry Ranking measures the strength of our industry groups by measuring the average Zacks rating of the individual stocks within the groups. Our research shows that industries ranked 50% outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to keep track of all these stock movement metrics and more in upcoming trading sessions.

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