The most recent trading session ended with Okta (OKTA) standing at $94, reflecting a -0.98% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily loss of 0.47%. Meanwhile, the Dow lost 0.31%, and the Nasdaq, a tech-heavy index, lost 0.51%.

Shares of the cloud identity management company have appreciated by 20.47% over the course of the past month, outperforming the Computer and Technology sector's loss of 0.19% and the S&P 500's gain of 1.67%.

Investors will be eagerly watching for the performance of Okta in its upcoming earnings disclosure. On that day, Okta is projected to report earnings of $0.73 per share, which would represent year-over-year growth of 15.87%. Meanwhile, the latest consensus estimate predicts the revenue to be $668.8 million, indicating a 10.55% increase compared to the same quarter of the previous year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.77 per share and a revenue of $2.6 billion, signifying shifts of +73.13% and +14.75%, respectively, from the last year.

Investors should also pay attention to any latest changes in analyst estimates for Okta. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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. Over the past month, there's been a 3.83% rise in the Zacks Consensus EPS estimate. Okta currently has a Zacks Rank of #2 (Buy).

With respect to valuation, Okta is currently being traded at a Forward P/E ratio of 34.29. This signifies a premium in comparison to the average Forward P/E of 17.58 for its industry.

We can additionally observe that OKTA currently boasts a PEG ratio of 1.44. 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. The Internet - Software and Services was holding an average PEG ratio of 1.61 at yesterday's closing price.

The Internet - Software and Services industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 86, finds itself in the top 35% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.

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