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Okta’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average earnings surprise being 112.5%.
Let’s see how things have shaped up for Okta prior to this announcement:
Factors to Consider
The company’s second-quarter fiscal 2024 results are expected to reflect the benefits of increased use cases of identity solutions.
Okta Identity Cloud’s capability to consolidate and easily integrate existing applications without compromising security or stability is attracting customers. Okta products’ ability to automate processes, secure data and reduce costs has been a positive.
Expanding clientele has been a key catalyst. The company ended the fiscal first quarter with 18,000 customers, adding 450 customers throughout the previous quarter despite the challenging macroeconomic environment. Customers with more than $100K in Annual Contract Value increased 23% year over year.
Okta’s Workforce and Customer Identity solutions have been gaining adoption and the momentum is expected to have continued in the to-be-reported quarter.
Moreover, an expanding partner base that includes Google and Zoom is expected to have driven top-line growth in the fiscal second quarter.
However, Okta’s results are expected to have suffered from macroeconomic challenges that have been affecting contract term lengths and deal sizes across small and medium-sized businesses and enterprises.
What Our Model Indicates
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That’s the exact case here.
Okta has an Earnings ESP of +3.71% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to Consider
Here are a few other companies worth considering, as our model shows that these too have the right combination of elements to beat on earnings in their upcoming releases:
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OKTA Gears Up to Report Q2 Earnings: What's in the Cards?
Okta, Inc. (OKTA - Free Report) is set to report its second-quarter fiscal 2024 results on Aug 30.
For the fiscal second quarter, the company anticipates non-GAAP earnings in the range of 21-22 cents per share.
The Zacks Consensus Estimate for earnings has remained steady at 21 cents per share over the past 30 days.
Revenues are expected in the range of $533-$535 million, indicating growth of 18% from the year-ago period’s reported figure.
The Zacks Consensus Estimate for revenues is pegged at $534.06 million, indicating an increase of 18.2% from the year-ago quarter’s reported figure.
Okta, Inc. Price and EPS Surprise
Okta, Inc. price-eps-surprise | Okta, Inc. Quote
Okta’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average earnings surprise being 112.5%.
Let’s see how things have shaped up for Okta prior to this announcement:
Factors to Consider
The company’s second-quarter fiscal 2024 results are expected to reflect the benefits of increased use cases of identity solutions.
Okta Identity Cloud’s capability to consolidate and easily integrate existing applications without compromising security or stability is attracting customers. Okta products’ ability to automate processes, secure data and reduce costs has been a positive.
Expanding clientele has been a key catalyst. The company ended the fiscal first quarter with 18,000 customers, adding 450 customers throughout the previous quarter despite the challenging macroeconomic environment. Customers with more than $100K in Annual Contract Value increased 23% year over year.
Okta’s Workforce and Customer Identity solutions have been gaining adoption and the momentum is expected to have continued in the to-be-reported quarter.
Moreover, an expanding partner base that includes Google and Zoom is expected to have driven top-line growth in the fiscal second quarter.
However, Okta’s results are expected to have suffered from macroeconomic challenges that have been affecting contract term lengths and deal sizes across small and medium-sized businesses and enterprises.
What Our Model Indicates
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That’s the exact case here.
Okta has an Earnings ESP of +3.71% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to Consider
Here are a few other companies worth considering, as our model shows that these too have the right combination of elements to beat on earnings in their upcoming releases:
American Eagle Outfitters (AEO - Free Report) has an Earnings ESP of +8.52% and carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
American Eagle Outfitters is set to release its second-quarter 2023 results on Sep 6. AEO shares have gained 13.5% year to date.
Patterson Companies (PDCO - Free Report) currently has an Earnings ESP of +5.66% and a Zacks Rank #2.
PDCO shares have returned 20.6% year to date. Patterson Companies is set to report its first-quarter fiscal 2024 results on Aug 30.
Five Below (FIVE - Free Report) has an Earnings ESP of +1.21% and a Zacks Rank #2.
FIVE shares have declined 1% year to date. Five Below is set to report its second-quarter fiscal 2023 results on Aug 30.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.