Okta (OKTA) Rises Higher Than Market: Key Facts

The latest trading session saw Okta (OKTA) ending at $85.46, denoting a +0.94% adjustment from its last day's close. The stock exceeded the S&P 500, which registered a gain of 0.16% for the day. At the same time, the Dow added 0.25%, and the tech-heavy Nasdaq lost 0.06%.Shares of the cloud identity management company witnessed a gain of 2.27% over the previous month, beating the performance of the Computer and Technology sector with its loss of 0.17% and the S&P 500's loss of 2.8%.The investment community will be paying close attention to the earnings performance of Okta in its upcoming release. The company is forecasted to report an EPS of $0.73, showcasing a 15.87% upward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $668.8 million, reflecting a 10.55% rise from the equivalent quarter last year.Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.76 per share and revenue of $2.6 billion. These totals would mark changes of +72.5% and +14.75%, respectively, from last year.Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Okta. These latest adjustments often mirror the shifting dynamics of short-term business patterns. 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. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.18% higher. Okta is currently a Zacks Rank #2 (Buy).With respect to valuation, Okta is currently being traded at a Forward P/E ratio of 30.7. For comparison, its industry has an average Forward P/E of 14.89, which means Okta is trading at a premium to the group.It's also important to note that OKTA currently trades at a PEG ratio of 1.29. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As the market closed yesterday, the Internet - Software and Services industry was having an average PEG ratio of 1.29.The Internet - Software and Services industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 10, this industry ranks in the top 4% of all industries, numbering over 250.The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.1% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>Want 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