In the latest trading session, Okta (OKTA) closed at $137.27, marking a +1.11% move from the previous day. This move outpaced the S&P 500's daily gain of 0.17%. At the same time, the Dow 0%, and the tech-heavy Nasdaq gained 0.11%.
Coming into today, shares of the cloud identity management company had gained 3.51% in the past month. In that same time, the Computer and Technology sector gained 4.62%, while the S&P 500 gained 2.78%.
Wall Street will be looking for positivity from OKTA as it approaches its next earnings report date. This is expected to be March 5, 2020. On that day, OKTA is projected to report earnings of -$0.05 per share, which would represent a year-over-year decline of 25%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $155.77 million, up 34.9% from the year-ago period.
Any recent changes to analyst estimates for OKTA should also be noted by investors. 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 company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. OKTA is currently sporting a Zacks Rank of #3 (Hold).
The Internet - Software and Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 31, putting it in the top 13% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.