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

Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Okta (OKTA) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.

Okta is one of 660 companies in the Computer and Technology group. The Computer and Technology group currently sits at #4 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. 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 7.25% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

Based on the most recent data, OKTA has returned 120.73% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 1.52% on a year-to-date basis. As we can see, Okta is performing better than its sector in the calendar year.

Breaking things down more, OKTA is a member of the Internet - Software and Services industry, which includes 21 individual companies and currently sits at #74 in the Zacks Industry Rank. This group has lost an average of 9.04% so far this year, so OKTA is performing better in this area.

OKTA will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.

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