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Overview
Okta Inc. faced a data breach in early 2022 and a group of hackers obtained sensitive customer data. However, Okta did not disclose the details of the incident on time. When the management finally decided to reveal the extent of this breach to the public, there was a lack of transparency regarding the depth of this issue and the company’s security measures. Following these events, in May 2022, a group of shareholders sued Okta for providing misleading statements, negligence, and omissions. On July 19, 2024, nearly two years later, Okta agreed to pay $60 million to affected shareholders to settle this lawsuit.
Okta Has Itself to Blame for The Investor Backlash
The roots of the scandal, which eventually led to the lawsuit, trace back to Okta's acquisition and integration of Auth0. In May 2021, Okta acquired Auth0, Inc. for $6.5 billion. Auth0 is a company that provides customer identity and access management software. Following the acquisition of Auth0, the business integration of the two companies faced a major blow as there were severe difficulties in combining both sales divisions. Not long after the acquisition, several senior leaders from Auth0 and Okta left the company too, affecting the business. This turnover affected Okta's operations, however, the management avoided disclosing these issues to investors, potentially keeping investors in the dark about the challenges Okta faced following this multi-billion-dollar transaction.
Amid these challenges, Okta faced a data security incident in January 2022. Okta allegedly failed to secure its administrative tools, particularly the “SuperUser tool”, which allowed access to customer data without proper vetting or security measures. Employees without formal training could reportedly access customer data even with their home laptops.
Additionally, Okta failed to enforce its “Zero Trust” security standards on third-party vendors, leading to critical vulnerabilities exploited by hackers from the group LAPSUS$ in January 2022.
LAPSUS$ posted the following message on their Telegram channel, confirming they have access to Okta's systems. One such screenshot posted by LAPSUS$ revealed that they had access to the Cloudflare tenant with the ability to even reset employee passwords, which highlights the gravity of the data breach.
Initially, Okta denied the news, stating that the service had not been breached and remained fully operational while a third party made an "unsuccessful attempt" to breach the systems. However, Okta's attempts to minimize that bad news soon escalated into a public relations nightmare, leading to stock downgrades, senior management apologies, and a class action lawsuit after the company publicly accepted the data breach on Twitter on March 22, 2022, more than two months after the breach occurred.
The company faced severe consequences following CEO Todd McKinnon’s Twitter post. Not long after, CSO David Bradbury reported in an official statement that around 2.5% of the customers might have been affected by the breach. These events deteriorated investor trust in Okta, eventually leading to an 11% decline in stock price on March 23, 2022. These events eventually wiped off $6 billion from the company's market value within just a week of the company's acknowledgment of the data breach.
In light of these developments, Raymond James downgraded Okta and wrote in a note to clients:
“While partners were willing to trust Okta's track record, the handling of its latest security incident adds to our mounting concerns.”
The situation worsened in May 2022 when a group of shareholders sued Okta, accusing the company of failing to share details about the security breach. They also claimed Okta didn't take enough steps to prevent the breach and delayed revealing it while downplaying its vulnerabilities.
Then, in October 2023, Okta experienced another data breach on its customer support system, causing the stock to fall by 12%. The breach was made through a stolen credential, which enabled hackers to log into the support case management system. The following month, the management stated that the attackers stole information about all users from the support system, including client names and email addresses. Even though there is no direct evidence of misuse of the stolen information, Okta asked customers to be cautioned, stating that such data could be perilous in facilitating phishing and social engineering attempts.
Amid these security threats and litigation issues, Okta stock has declined 35% in the last 5 years despite its revenue increasing substantially from just $399 million in 2019 to $2.26 billion in 2023.
Resolving The Case
Okta has agreed to pay $60 million to settle claims related to the security breach and shareholder lawsuit. If you invested in Okta in 2022, you may be eligible to claim part of the settlement to recover some of your losses.
The settlement and the broader security breach issues underscore the serious legal and financial risks of not prioritizing transparency and cybersecurity, as Kevin LaCroix from RT ProExec noted. For top management, the lawsuit sends a clear message: legal challenges can be handled, but restoring lost trust is a much tougher battle.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Okta (OKTA) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.
Shares of this cloud identity management company have returned -23.1% over the past month versus the Zacks S&P 500 composite's +4.9% change. The Zacks Internet - Software and Services industry, to which Okta belongs, has lost 8.9% over this period. Now the key question is: Where could the stock be headed in the near term?
While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Revisions to Earnings Estimates
Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
For the current quarter, Okta is expected to post earnings of $0.57 per share, indicating a change of +29.6% from the year-ago quarter. The Zacks Consensus Estimate has changed +60.5% over the last 30 days.
For the current fiscal year, the consensus earnings estimate of $2.57 points to a change of +60.6% from the prior year. Over the last 30 days, this estimate has changed +127.9%.
For the next fiscal year, the consensus earnings estimate of $2.83 indicates a change of +9.8% from what Okta is expected to report a year ago. Over the past month, the estimate has changed +2.9%.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Okta is rated Zacks Rank #1 (Strong Buy).
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth Forecast
Even though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
In the case of Okta, the consensus sales estimate of $649.35 million for the current quarter points to a year-over-year change of +11.2%. The $2.56 billion and $2.82 billion estimates for the current and next fiscal years indicate changes of +13.1% and +10.1%, respectively.
Last Reported Results and Surprise History
Okta reported revenues of $646 million in the last reported quarter, representing a year-over-year change of +16.2%. EPS of $0.72 for the same period compares with $0.31 a year ago.
Compared to the Zacks Consensus Estimate of $632.24 million, the reported revenues represent a surprise of +2.18%. The EPS surprise was +18.03%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.
Valuation
Without considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Okta is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom Line
The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Okta. However, its Zacks Rank #1 does suggest that it may outperform the broader market in the near term.
Zacks Investment Research
For Immediate Release
Chicago, IL – September 13, 2024 – Stocks in this week’s article are Intapp INTA, Okta OKTA, Deckers Outdoor DECK and Chewy CHWY.
Play Likely Earnings Beats with 4 Top-Ranked Stocks
It is not surprising that before an earnings season, every investor looks for stocks that can beat market expectations. This is because investors always try to position themselves ahead of time and look to tap stocks that are high-quality in nature.
In this regard, we ran a screener that yielded Intapp, Okta, Deckers Outdoor and Chewy as the likely winners on an earnings beat potential.
Why Is a Positive Earnings Surprise So Important?
Historically, stocks of companies with solid quarterly earnings (on a nominal basis) tank if they miss or merely meet market expectations. After all, a 20% earnings rise (though it apparently looks good) doesn’t tell you if earnings growth has been exhibiting a decelerating trend.
Also, seasonal fluctuations come into play sometimes. If a company’s Q1 is seasonally weak and Q4 strong, then it is likely to report a sequential earnings decline. In such cases, growth rates are misleading while judging the true health of a company.
On the other hand, after much brainstorming and analysis of companies’ financials and initiatives, Wall Street analysts project earnings of companies. They in fact club their insights and a company’s guidance when deriving an earnings estimate.
Thus, outperforming that estimate is almost equivalent to beating the company’s own expectation as well as the market perception. And if the margin of earnings surprise is big, it typically drives the stock higher right after the release. Thus, more than anything else, an earnings surprise can push a stock higher.
How to Find Stocks That Can Beat?
Now, finding stocks that have the potential to beat on the bottom line may be investors’ dream but not an easy job. One way to do this is to look at the earnings surprise history of the company.
An impressive track in this regard generally acts as a catalyst in sending a stock higher. It indicates the company’s ability to surpass estimates. And investors generally believe that the company will apply the same secret sauce to execute yet another earning beat in its next release.
Here are four out of seven stocks:
Intapp: The Zacks Rank #2 company is a provider of industry-specific, cloud-based software solutions that enable connected professional and financial services firms. You can see the complete list of today’s Zacks #1 Rank stocks here.
The average earnings surprise of INTA for the past four quarters is 77.08%.
Okta: The Zacks Rank #2 company is a provider of identity for the enterprise. The company's products consist of Okta information technology Products and Okta for Developers.
The average earnings surprise of OKTA for the past four quarters is 27.15%.
Deckers Outdoor: The Zacks Rank #2 company is a leading designer, producer and brand manager of innovative, niche footwear and accessories developed for outdoor sports and other lifestyle-related activities.
The average earnings surprise of DECK for the past four quarters is 47.16%.
Chewy: Chewy Inc. operates as an online pet retailer. The company offers pet products that include dry and wet food, toys, mats, biscuits, vitamins and supplements.The stock has a Zacks Rank #2.
The average earnings surprise of CHWY for the past four quarters is 50.85%.
You can get the rest of the stocks on this list by signing up now for your 2-week free trial to the Research Wizard and start using this screen in your own trading. Further, you can also create your own strategies and test them first before taking the investment plunge.
The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.
Click here to sign up for a free trial to the Research Wizard today.
For the rest of this Screen of the Week article please visit Zacks.com at: https://www.zacks.com/stock/news/2335037/play-likely-earnings-beat-with-4-top-ranked-stocks
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Contact: Jim Giaquinto
Company: Zacks.com
Phone: 312-265-9268
Email: pr@zacks.com
Visit: https://www.zacks.com/
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Investment Research
It is not surprising that before an earnings season, every investor looks for stocks that can beat market expectations. This is because investors always try to position themselves ahead of time and look to tap stocks that are high-quality in nature.
In this regard, we ran a screener that yielded Intapp INTA, Okta OKTA, Deckers Outdoor DECK and Chewy CHWY as the likely winners on an earnings beat potential.
Why Is a Positive Earnings Surprise So Important?
Historically, stocks of companies with solid quarterly earnings (on a nominal basis) tank if they miss or merely meet market expectations. After all, a 20% earnings rise (though it apparently looks good) doesn’t tell you if earnings growth has been exhibiting a decelerating trend.
Also, seasonal fluctuations come into play sometimes. If a company’s Q1 is seasonally weak and Q4 strong, then it is likely to report a sequential earnings decline. In such cases, growth rates are misleading while judging the true health of a company.
On the other hand, after much brainstorming and analysis of companies’ financials and initiatives, Wall Street analysts project earnings of companies. They in fact club their insights and a company’s guidance when deriving an earnings estimate.
Thus, outperforming that estimate is almost equivalent to beating the company’s own expectation as well as the market perception. And if the margin of earnings surprise is big, it typically drives the stock higher right after the release. Thus, more than anything else, an earnings surprise can push a stock higher.
How to Find Stocks that Can Beat?
Now, finding stocks that have the potential to beat on the bottom line may be investors’ dream but not an easy job. One way to do this is to look at the earnings surprise history of the company.
An impressive track in this regard generally acts as a catalyst in sending a stock higher. It indicates the company’s ability to surpass estimates. And investors generally believe that the company will apply the same secret sauce to execute yet another earning beat in its next release.
The Winning Strategy
In order to shortlist stocks that are likely to come up with an earnings surprise, we chose the following as our primary screening parameters.
Last EPS Surprise greater than or equal to 10%: Stocks delivering positive surprise in the last quarter tend to surprise again.
Average EPS Surprise in the last four quarters greater than 20%: We lifted the bar for outperformance slight higher by setting the average earnings surprise for the last four quarters at 20%.
Average EPS Surprise in the last two quarters greater than 20%: This points to a more consistent surprise history and makes the case for another surprise even stronger.
In addition, we place a few other criteria that push up the chance of a positive surprise.
Zacks Rank less than or equal to 2: Only companies with a Zacks Rank #1 (Strong Buy) or 2 (Buy) rating can get through.
Earnings ESP greater than zero: A stock needs to have both a positive Earnings ESP and a Zacks Rank of #1, 2 or 3 for an earnings beat to happen, as per our proven model.
In order to zero in on those that have long-term growth potential and high trading liquidity we have added the following parameters too:
Next 3–5 Years Estimated EPS Growth (Per Year) greater than 10%: Solid expected earnings growth exhibits the stock’s long-term growth prospects.
Average 20-day Volume greater than 100,000: High trading volume implies that the stocks have adequate liquidity.
A handful of criteria has narrowed down the universe from over 7,700 stocks to only seven.
Here are four out of seven stocks:
Intapp: The Zacks Rank #2 company is a provider of industry-specific, cloud-based software solutions that enable connected professional and financial services firms. You can see the complete list of today’s Zacks #1 Rank stocks here.
The average earnings surprise of INTA for the past four quarters is 77.08%.
Okta:The Zacks Rank #2 company is a provider of identity for the enterprise. The company's products consist of Okta information technology Products and Okta for Developers.
The average earnings surprise of OKTA for the past four quarters is 27.15%.
Deckers Outdoor:The Zacks Rank #2 company is a leading designer, producer and brand manager of innovative, niche footwear and accessories developed for outdoor sports and other lifestyle-related activities.
The average earnings surprise of DECK for the past four quarters is 47.16%.
Chewy: Chewy Inc. operates as an online pet retailer. The company offers pet products that include dry and wet food, toys, mats, biscuits, vitamins and supplements.The stock has a Zacks Rank #2.
The average earnings surprise of CHWY for the past four quarters is 50.85%.
You can get the rest of the stocks on this list by signing up now for your 2-week free trial to the Research Wizard and start using this screen in your own trading. Further, you can also create your own strategies and test them first before taking the investment plunge.
The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.
Click here to sign up for a free trial to the Research Wizard today.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Disclosure: Performance information for Zacks’ portfolios and strategies are available at: http://www.zacks.com/performance.
Zacks Investment Research
U.S. stocks settled higher on Friday, with the Dow Jones index notching a new record high during the session.
Wall Street analysts make new stock picks on a daily basis. Unfortunately for investors, not all analysts have particularly impressive track records at predicting market movements. Even when it comes to one single stock, analyst ratings and price targets can vary widely, leaving investors confused about which analyst’s opinion to trust.
Benzinga’s Analyst Ratings API is a collection of the highest-quality stock ratings curated by the Benzinga news desk via direct partnerships with major sell-side banks. Benzinga displays overnight ratings changes on a daily basis three hours prior to the U.S. equity market opening. Data specialists at investment dashboard provider Toggle.ai recently uncovered that the analyst insights Benzinga Pro subscribers and Benzinga readers regularly receive can successfully be used as trading indicators to outperform the stock market.
Top Analyst Picks: Fortunately, any Benzinga reader can access the latest analyst ratings on the Analyst Stock Ratings page. One of the ways traders can sort through Benzinga’s extensive database of analyst ratings is by analyst accuracy. Here’s a look at the most recent stock picks from each of the five most accurate Wall Street analysts, according to Benzinga Analyst Stock Ratings.
Analyst: Leo Mariani
Analyst: Richard Davis
Analyst: Zachary Fadem
Analyst: William Stein
Analyst: Trevor Walsh
Read More:
Latest Ratings for NVDA
Date | Firm | Action | From | To |
---|---|---|---|---|
Mar 2022 | Goldman Sachs | Reinstates | Neutral | |
Feb 2022 | Summit Insights Group | Downgrades | Buy | Hold |
Feb 2022 | Mizuho | Maintains | Buy |
View More Analyst Ratings for NVDA
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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