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Okta (OKTA) Increases Despite Market Slip: Here's What You Need to Know
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Okta (OKTA - Free Report) closed the most recent trading day at $67.70, moving +0.42% from the previous trading session. The stock exceeded the S&P 500, which registered a loss of 1.18% for the day. At the same time, the Dow lost 0.76%, and the tech-heavy Nasdaq lost 1.76%.
Prior to today's trading, shares of the cloud identity management company had lost 16.46% over the past month. This has lagged the Computer and Technology sector's loss of 2.96% and the S&P 500's loss of 3.35% in that time.
The investment community will be paying close attention to the earnings performance of Okta in its upcoming release. Meanwhile, our latest consensus estimate is calling for revenue of $559.76 million, up 16.37% from the prior-year quarter.
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.
It's also important for investors to be aware of any recent modifications to analyst estimates for Okta. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.05% lower. Okta presently features a Zacks Rank of #3 (Hold).
Digging into valuation, Okta currently has a Forward P/E ratio of 57.04. This denotes a premium relative to the industry's average Forward P/E of 23.24.
Also, we should mention that OKTA has a PEG ratio of 1.51. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Internet - Software and Services industry was having an average PEG ratio of 1.26.
The Internet - Software and Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 45, positioning it in the top 18% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.
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Okta (OKTA) Increases Despite Market Slip: Here's What You Need to Know
Okta (OKTA - Free Report) closed the most recent trading day at $67.70, moving +0.42% from the previous trading session. The stock exceeded the S&P 500, which registered a loss of 1.18% for the day. At the same time, the Dow lost 0.76%, and the tech-heavy Nasdaq lost 1.76%.
Prior to today's trading, shares of the cloud identity management company had lost 16.46% over the past month. This has lagged the Computer and Technology sector's loss of 2.96% and the S&P 500's loss of 3.35% in that time.
The investment community will be paying close attention to the earnings performance of Okta in its upcoming release. Meanwhile, our latest consensus estimate is calling for revenue of $559.76 million, up 16.37% from the prior-year quarter.
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.
It's also important for investors to be aware of any recent modifications to analyst estimates for Okta. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.05% lower. Okta presently features a Zacks Rank of #3 (Hold).
Digging into valuation, Okta currently has a Forward P/E ratio of 57.04. This denotes a premium relative to the industry's average Forward P/E of 23.24.
Also, we should mention that OKTA has a PEG ratio of 1.51. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Internet - Software and Services industry was having an average PEG ratio of 1.26.
The Internet - Software and Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 45, positioning it in the top 18% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.