Okta (OKTA) closed at $129.66 in the latest trading session, marking a +1.42% move from the prior day. This change outpaced the S&P 500's 0.9% loss on the day. Meanwhile, the Dow lost 0.58%, and the Nasdaq, a tech-heavy index, lost 0.93%.
Prior to today's trading, shares of the cloud identity management company had gained 6.18% over the past month. This has lagged the Computer and Technology sector's gain of 6.54% and outpaced the S&P 500's gain of 3.3% in that time.
OKTA will be looking to display strength as it nears its next earnings release. In that report, analysts expect OKTA to post earnings of -$0.05 per share. This would mark a year-over-year decline of 25%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $155.77 million, up 34.9% from the year-ago period.
OKTA's full-year Zacks Consensus Estimates are calling for earnings of -$0.36 per share and revenue of $574.57 million. These results would represent year-over-year changes of -12.5% and +43.91%, respectively.
Investors should also note any recent changes to analyst estimates for OKTA. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.47% higher. OKTA is holding a Zacks Rank of #3 (Hold) right now.
The Internet - Software and Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 47, putting it in the top 19% 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.
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