Okta (OKTA - Free Report) closed at $105.58 in the latest trading session, marking a +0.45% move from the prior day. This change outpaced the S&P 500's 0.16% loss on the day. At the same time, the Dow added 0.01%, and the tech-heavy Nasdaq lost 0.26%.
Coming into today, shares of the cloud identity management company had gained 13.45% in the past month. In that same time, the Computer and Technology sector lost 0.03%, while the S&P 500 lost 0.19%.
Wall Street will be looking for positivity from OKTA as it approaches its next earnings report date. This is expected to be May 30, 2019. In that report, analysts expect OKTA to post earnings of -$0.21 per share. This would mark a year-over-year decline of 133.33%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $116.66 million, up 39.51% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.49 per share and revenue of $533.75 million. These totals would mark changes of -53.13% and +33.69%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for OKTA. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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, the Zacks Consensus EPS estimate remained stagnant. OKTA currently has a Zacks Rank of #4 (Sell).
The Internet - Software and Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 59, putting it in the top 24% 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.