Okta saw an improvement in its IBD SmartSelect Composite Rating Tuesday, from 92 to 96. The RS Line holds steady at 93.
The new rating is a sign the stock is outpacing 96% of all stocks when it comes to the most important stock-picking criteria. History shows the top market performers tend to have a 95 or higher score as they launch their major moves.
Okta stock broke out earlier, but is now trading right around the prior 87.98 entry from a consolidation. If a stock you're tracking clears a buy point then falls 7% or more below the original entry price, it's considered a failed base. Wait for the stock to set up and breakout from a new base and buy point.
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OKTA Earnings
One weak spot is the company's 74 EPS Rating, which tracks quarterly and annual earnings-per-share growth. Look for that to improve to 80 or better to show it's in the top 20% of all stocks. Earnings are scheduled for May 31.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.
The company reported a 0% earnings gain for Q4. Top line growth came in at 33%, down from 37% in the prior quarter. The company's next quarterly report is expected on or around May. 31.
Okta Stock holds the No. 1 rank among its peers in the Computer Software-Security industry group.
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