Okta (OKTA) Stock Moves -0.29%: What You Should Know

In the latest market close, Okta (OKTA) reached $78.22, with a -0.29% movement compared to the previous day. This change traded in line with S&P 500. At the same time, the Dow lost 0.86%, and the tech-heavy Nasdaq lost 0.09%.The cloud identity management company's stock has climbed by 0.62% in the past month, falling short of the Computer and Technology sector's gain of 3.2% and the S&P 500's gain of 3.3%.Analysts and investors alike will be keeping a close eye on the performance of Okta in its upcoming earnings disclosure. The company's earnings report is set to go public on December 3, 2024. On that day, Okta is projected to report earnings of $0.57 per share, which would represent year-over-year growth of 29.55%. Simultaneously, our latest consensus estimate expects the revenue to be $649.4 million, showing a 11.2% escalation compared to the year-ago quarter.Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.61 per share and revenue of $2.56 billion, indicating changes of +63.13% and +13.2%, respectively, compared to the previous year.It is also important to note the recent changes to analyst estimates for Okta. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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.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. Within the past 30 days, our consensus EPS projection has moved 1.23% higher. Right now, Okta possesses a Zacks Rank of #2 (Buy).Looking at its valuation, Okta is holding a Forward P/E ratio of 30.11. For comparison, its industry has an average Forward P/E of 18.36, 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 1.31. 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. OKTA's industry had an average PEG ratio of 1.41 as of yesterday's close.The Internet - Software and Services industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 53, finds itself in the top 22% echelons 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.Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>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