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Okta (OKTA) Stock Slides as Market Rises: Facts to Know Before You Trade
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In the latest trading session, Okta (OKTA - Free Report) closed at $76.04, marking a -4.16% move from the previous day. This move lagged the S&P 500's daily gain of 2.51%. Meanwhile, the Dow experienced a rise of 2.85%, and the technology-dominated Nasdaq saw an increase of 2.8%.
The stock of cloud identity management company has fallen by 0.34% in the past month, leading the Computer and Technology sector's loss of 0.84% and the S&P 500's loss of 1.66%.
Market participants will be closely following the financial results of Okta in its upcoming release. The company is expected to report EPS of $0.86, unchanged from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $751.88 million, indicating a 9.28% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.77 per share and revenue of $3.18 billion, indicating changes of +7.71% and +8.96%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Okta. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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 past month, the Zacks Consensus EPS estimate has remained steady. Currently, Okta is carrying a Zacks Rank of #3 (Hold).
Digging into valuation, Okta currently has a Forward P/E ratio of 21.03. This denotes a discount relative to the industry average Forward P/E of 35.63.
It's also important to note that OKTA currently trades at a PEG ratio of 1.32. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The average PEG ratio for the Security industry stood at 2.54 at the close of the market yesterday.
The Security industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 63, which puts it in the top 26% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Okta (OKTA) Stock Slides as Market Rises: Facts to Know Before You Trade
In the latest trading session, Okta (OKTA - Free Report) closed at $76.04, marking a -4.16% move from the previous day. This move lagged the S&P 500's daily gain of 2.51%. Meanwhile, the Dow experienced a rise of 2.85%, and the technology-dominated Nasdaq saw an increase of 2.8%.
The stock of cloud identity management company has fallen by 0.34% in the past month, leading the Computer and Technology sector's loss of 0.84% and the S&P 500's loss of 1.66%.
Market participants will be closely following the financial results of Okta in its upcoming release. The company is expected to report EPS of $0.86, unchanged from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $751.88 million, indicating a 9.28% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.77 per share and revenue of $3.18 billion, indicating changes of +7.71% and +8.96%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Okta. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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 past month, the Zacks Consensus EPS estimate has remained steady. Currently, Okta is carrying a Zacks Rank of #3 (Hold).
Digging into valuation, Okta currently has a Forward P/E ratio of 21.03. This denotes a discount relative to the industry average Forward P/E of 35.63.
It's also important to note that OKTA currently trades at a PEG ratio of 1.32. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The average PEG ratio for the Security industry stood at 2.54 at the close of the market yesterday.
The Security industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 63, which puts it in the top 26% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.