In the latest trading session, Okta (OKTA - Free Report) closed at $85.46, marking a +0.08% move from the previous day. The stock's change was more than the S&P 500's daily loss of 0.85%. Elsewhere, the Dow lost 0.75%, while the tech-heavy Nasdaq lost 0.96%.
Shares of the cloud identity management company witnessed a gain of 2.23% over the previous month, beating the performance of the Computer and Technology sector with its loss of 2.07% and the S&P 500's loss of 3.02%.
Market participants will be closely following the financial results of Okta in its upcoming release. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $559.76 million, up 16.37% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $1.18 per share and a revenue of $2.21 billion, demonstrating changes of +3050% and +19.14%, respectively, from the preceding 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. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.05% lower. Okta is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Okta currently has a Forward P/E ratio of 72.25. For comparison, its industry has an average Forward P/E of 24.19, which means Okta is trading at a premium to the group.
Investors should also note that OKTA has a PEG ratio of 1.91 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Internet - Software and Services industry had an average PEG ratio of 1.46 as trading concluded yesterday.
The Internet - Software and Services industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 64, this industry ranks in the top 26% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
In the latest trading session, Okta (OKTA - Free Report) closed at $85.46, marking a +0.08% move from the previous day. The stock's change was more than the S&P 500's daily loss of 0.85%. Elsewhere, the Dow lost 0.75%, while the tech-heavy Nasdaq lost 0.96%.
Shares of the cloud identity management company witnessed a gain of 2.23% over the previous month, beating the performance of the Computer and Technology sector with its loss of 2.07% and the S&P 500's loss of 3.02%.
Market participants will be closely following the financial results of Okta in its upcoming release. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $559.76 million, up 16.37% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $1.18 per share and a revenue of $2.21 billion, demonstrating changes of +3050% and +19.14%, respectively, from the preceding 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. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.05% lower. Okta is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Okta currently has a Forward P/E ratio of 72.25. For comparison, its industry has an average Forward P/E of 24.19, which means Okta is trading at a premium to the group.
Investors should also note that OKTA has a PEG ratio of 1.91 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Internet - Software and Services industry had an average PEG ratio of 1.46 as trading concluded yesterday.
The Internet - Software and Services industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 64, this industry ranks in the top 26% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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