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Okta (OKTA) Dips More Than Broader Market: What You Should Know
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In the latest trading session, Okta (OKTA - Free Report) closed at $211.92, marking a -6.45% move from the previous day. The stock's performance was behind the S&P 500's daily loss of 1.11%. Elsewhere, the Dow saw a downswing of 0.09%, while the tech-heavy Nasdaq depreciated by 1.88%.
Prior to today's trading, shares of the cloud identity management company had gained 18.94% outpaced the Computer and Technology sector's gain of 3.49% and the S&P 500's gain of 2.06%.
Investors will be eagerly watching for the performance of Okta in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $0.93, marking a 13.41% rise compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $815.52 million, indicating a 9.91% growth compared to the corresponding quarter of the prior year.
OKTA's full-year Zacks Consensus Estimates are calling for earnings of $3.93 per share and revenue of $3.22 billion. These results would represent year-over-year changes of +12.29% and +10.44%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Okta. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Right now, Okta possesses a Zacks Rank of #3 (Hold).
Digging into valuation, Okta currently has a Forward P/E ratio of 57.68. This indicates no noticeable deviation in contrast to its industry's Forward P/E of 57.68.
Meanwhile, OKTA's PEG ratio is currently 3.45. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Security industry had an average PEG ratio of 3.2 as trading concluded yesterday.
The Security industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 172, finds itself in the bottom 31% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.
View the Zacks #1 Rank List
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Okta (OKTA) Dips More Than Broader Market: What You Should Know
In the latest trading session, Okta (OKTA - Free Report) closed at $211.92, marking a -6.45% move from the previous day. The stock's performance was behind the S&P 500's daily loss of 1.11%. Elsewhere, the Dow saw a downswing of 0.09%, while the tech-heavy Nasdaq depreciated by 1.88%.
Prior to today's trading, shares of the cloud identity management company had gained 18.94% outpaced the Computer and Technology sector's gain of 3.49% and the S&P 500's gain of 2.06%.
Investors will be eagerly watching for the performance of Okta in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $0.93, marking a 13.41% rise compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $815.52 million, indicating a 9.91% growth compared to the corresponding quarter of the prior year.
OKTA's full-year Zacks Consensus Estimates are calling for earnings of $3.93 per share and revenue of $3.22 billion. These results would represent year-over-year changes of +12.29% and +10.44%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Okta. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Right now, Okta possesses a Zacks Rank of #3 (Hold).
Digging into valuation, Okta currently has a Forward P/E ratio of 57.68. This indicates no noticeable deviation in contrast to its industry's Forward P/E of 57.68.
Meanwhile, OKTA's PEG ratio is currently 3.45. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Security industry had an average PEG ratio of 3.2 as trading concluded yesterday.
The Security industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 172, finds itself in the bottom 31% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.