Okta (OKTA) Rises As Market Takes a Dip: Key Facts

The most recent trading session ended with Okta (OKTA) standing at $94.21, reflecting a +0.48% shift from the previouse trading day's closing. This move outpaced the S&P 500's daily loss of 0.51%. At the same time, the Dow lost 0.75%, and the tech-heavy Nasdaq lost 0.28%.Shares of the cloud identity management company witnessed a gain of 18.94% over the previous month, beating the performance of the Computer and Technology sector with its gain of 0.79% and the S&P 500's gain of 2.87%.Analysts and investors alike will be keeping a close eye on the performance of Okta in its upcoming earnings disclosure. The company is predicted to post an EPS of $0.73, indicating a 15.87% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $668.8 million, up 10.55% from the year-ago period.For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.77 per share and a revenue of $2.6 billion, representing changes of +73.13% and +14.75%, respectively, from the prior year.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. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 3.83% upward. Right now, Okta possesses a Zacks Rank of #2 (Buy).Digging into valuation, Okta currently has a Forward P/E ratio of 33.87. For comparison, its industry has an average Forward P/E of 17.84, which means Okta is trading at a premium to the group.Meanwhile, OKTA's PEG ratio is currently 1.43. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Internet - Software and Services industry held an average PEG ratio of 1.6.The Internet - Software and Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 89, which puts it in the top 36% 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.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Okta, Inc. (OKTA): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks