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| Okta (OKTA) Stock Declines While Market Improves: Information for Investors |
Okta (OKTA) ended the latest trading session at $81.88, showing a slight decrease of -0.32% compared to the previous session. This performance trailed behind the S&P 500, which saw a daily increase of 0.23%. Meanwhile, the Dow experienced a rise of 0.37%, and the Nasdaq, known for its focus on technology stocks, saw a modest gain of 0.07%.
Before today's trading, shares of Okta, a cloud identity management company, had declined by 2.05% over the past month. This underperformance contrasts with the Computer and Technology sector's gain of 11.06% and the S&P 500's increase of 5.3% during the same period.
As Okta prepares to disclose its earnings on February 28, 2024, both analysts and investors are eagerly anticipating its performance. Analysts anticipate Okta to report earnings of $0.51 per share, reflecting a significant year-over-year growth of 70%. Additionally, the latest consensus estimate projects revenue of $586.25 million, marking a 14.95% increase from the previous year's quarter.
It's crucial for investors to monitor any recent changes in analyst estimates for Okta, as these adjustments often indicate shifts in short-term business trends. Upward revisions in estimates typically indicate analysts' optimism about the company's performance and profitability.
Research suggests that these estimate revisions are closely linked to short-term share price momentum. To leverage this, we've developed the Zacks Rank, a proprietary model that incorporates these estimate changes to provide a practical rating system.
Ranked from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system boasts a proven track record of outperformance, with #1 stocks delivering an average annual return of +25% since 1988. Although the Zacks Consensus EPS estimate has remained unchanged over the past month, Okta currently holds a Zacks Rank of #2 (Buy).