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Okta (OKTA) Outperforms Broader Market: What You Need to Know
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Okta (OKTA - Free Report) closed the most recent trading day at $70.41, moving +0.33% from the previous trading session. The stock's change was more than the S&P 500's daily gain of 0.16%. Meanwhile, the Dow gained 0.47%, and the Nasdaq, a tech-heavy index, added 0.07%.
Prior to today's trading, shares of the cloud identity management company had lost 18.56% over the past month. This has lagged the Computer and Technology sector's gain of 5.61% and the S&P 500's gain of 4.02% in that time.
Market participants will be closely following the financial results of Okta in its upcoming release. The company plans to announce its earnings on November 29, 2023. Alongside, our most recent consensus estimate is anticipating revenue of $559.76 million, indicating a 16.37% upward movement from the same quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.18 per share and a revenue of $2.21 billion, indicating changes of +3050% and +19.14%, respectively, from the former year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Okta. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Okta presently features a Zacks Rank of #3 (Hold).
Looking at its valuation, Okta is holding a Forward P/E ratio of 59.37. This represents a premium compared to its industry's average Forward P/E of 23.71.
We can also see that OKTA currently has a PEG ratio of 1.57. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Internet - Software and Services industry had an average PEG ratio of 1.3 as trading concluded yesterday.
The Internet - Software and Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 42, positioning it in the top 17% of all 250+ industries.
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.
To follow OKTA in the coming trading sessions, be sure to utilize Zacks.com.
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Okta (OKTA) Outperforms Broader Market: What You Need to Know
Okta (OKTA - Free Report) closed the most recent trading day at $70.41, moving +0.33% from the previous trading session. The stock's change was more than the S&P 500's daily gain of 0.16%. Meanwhile, the Dow gained 0.47%, and the Nasdaq, a tech-heavy index, added 0.07%.
Prior to today's trading, shares of the cloud identity management company had lost 18.56% over the past month. This has lagged the Computer and Technology sector's gain of 5.61% and the S&P 500's gain of 4.02% in that time.
Market participants will be closely following the financial results of Okta in its upcoming release. The company plans to announce its earnings on November 29, 2023. Alongside, our most recent consensus estimate is anticipating revenue of $559.76 million, indicating a 16.37% upward movement from the same quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.18 per share and a revenue of $2.21 billion, indicating changes of +3050% and +19.14%, respectively, from the former year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Okta. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Okta presently features a Zacks Rank of #3 (Hold).
Looking at its valuation, Okta is holding a Forward P/E ratio of 59.37. This represents a premium compared to its industry's average Forward P/E of 23.71.
We can also see that OKTA currently has a PEG ratio of 1.57. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Internet - Software and Services industry had an average PEG ratio of 1.3 as trading concluded yesterday.
The Internet - Software and Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 42, positioning it in the top 17% of all 250+ industries.
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.
To follow OKTA in the coming trading sessions, be sure to utilize Zacks.com.