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Okta (OKTA) Gains But Lags Market: What You Should Know

Zacks Equity Research
·2-min read

Okta (OKTA) closed the most recent trading day at $104.15, moving +1.62% from the previous trading session. The stock lagged the S&P 500's daily gain of 1.73%. At the same time, the Dow added 1.27%, and the tech-heavy Nasdaq gained 0.28%.

Coming into today, shares of the cloud identity management company had gained 10.39% in the past month. In that same time, the Computer and Technology sector gained 10.27%, while the S&P 500 gained 9.34%.

Investors will be hoping for strength from Okta as it approaches its next earnings release, which is expected to be August 31, 2022. On that day, Okta is projected to report earnings of -$0.30 per share, which would represent a year-over-year decline of 172.73%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $430.57 million, up 36.47% from the year-ago period.

OKTA's full-year Zacks Consensus Estimates are calling for earnings of -$1.10 per share and revenue of $1.82 billion. These results would represent year-over-year changes of -139.13% and +39.65%, respectively.

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Any recent changes to analyst estimates for Okta should also be noted by investors. These revisions help to show the ever-changing nature of near-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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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. Within the past 30 days, our consensus EPS projection remained stagnant. Okta is currently a Zacks Rank #3 (Hold).

The Internet - Software and Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 66, putting it in the top 27% 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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Zacks Investment Research