Back to top

Image: Bigstock

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

Read MoreHide Full Article

Okta (OKTA - Free Report) closed the most recent trading day at $269.98, moving -1.56% from the previous trading session. This change lagged the S&P 500's daily gain of 0.36%.

Heading into today, shares of the cloud identity management company had gained 15.57% over the past month, outpacing the Computer and Technology sector's gain of 9.06% and the S&P 500's gain of 5.21% in that time.

Investors will be hoping for strength from OKTA as it approaches its next earnings release. The company is expected to report EPS of -$0.20, down 185.71% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $238.58 million, up 30.47% from the prior-year quarter.

OKTA's full-year Zacks Consensus Estimates are calling for earnings of -$0.45 per share and revenue of $1.09 billion. These results would represent year-over-year changes of -509.09% and +30.12%, respectively.

Investors should also note any recent changes to analyst estimates for OKTA. 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.

Our research shows that these estimate changes are directly correlated with near-term stock prices. 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. Within the past 30 days, our consensus EPS projection has moved 0.06% lower. 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 industry currently has a Zacks Industry Rank of 217, which puts it in the bottom 15% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our 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.

Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.


In-Depth Zacks Research for the Tickers Above


Normally $25 each - click below to receive one report FREE:


Okta, Inc. (OKTA) - free report >>

Published in