Is Okta (OKTA) Outperforming Other Computer and Technology Stocks This Year?

Investors focused on the Computer and Technology space have likely heard of Okta (OKTA), but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock’s year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.

Okta is a member of our Computer and Technology group, which includes 606 different companies and currently sits at #9 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. OKTA is currently sporting a Zacks Rank of #2 (Buy).

Within the past quarter, the Zacks Consensus Estimate for OKTA’s full-year earnings has moved 8.32% 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 90.50% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 16.31% on average. As we can see, Okta is performing better than its sector in the calendar year.

Looking more specifically, OKTA belongs to the Internet – Software and Services industry, which includes 17 individual stocks and currently sits at #148 in the Zacks Industry Rank. On average, this group has gained an average of 32.56% so far this year, meaning that OKTA is performing better in terms of year-to-date returns.

Investors in the Computer and Technology sector will want to keep a close eye on OKTA as it attempts to continue its solid performance.

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