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  • Computer & Technology

Is Okta (OKTA) Stock Outpacing Its Computer and Technology Peers This Year?

June 4, 2020
evan
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For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Okta (OKTA) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company’s year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.

Okta is a member of our Computer and Technology group, which includes 613 different companies and currently sits at #4 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. OKTA is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for OKTA’s full-year earnings has moved 1.85% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the latest available data, OKTA has gained about 73.12% so far this year. At the same time, Computer and Technology stocks have gained an average of 6.52%. This shows that Okta is outperforming its peers so far this year.

To break things down more, OKTA belongs to the Internet – Software and Services industry, a group that includes 18 individual companies and currently sits at #36 in the Zacks Industry Rank. This group has gained an average of 21.44% so far this year, so OKTA is performing better in this area.

Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to OKTA as it looks to continue its solid performance.

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To read this article on Zacks.com click here.

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