Okta (OKTA) to Report Q1 Earnings on May 28 After 21% Monthly Rally

Okta (NASDAQ: OKTA) will report its fiscal first-quarter results after the market closes on May 28, as the identity management company rides a 20.9% share-price surge over the past month. Analysts project revenue growth of 9.2% year over year, a deceleration from the 11.5% increase recorded in the same quarter last year. The consensus forecast follows a strong previous quarter, when Okta posted revenue of $761 million, up 11.6% annually and exceeding expectations. The company also raised its full-year earnings guidance. Ahead of the report, most analysts have maintained their estimates, and Okta has a history of surpassing Wall Street targets. Cybersecurity peers Varonis Systems and Zscaler recently beat quarterly revenue estimates, with shares rising as much as 7.3%. The sector has averaged a 10.1% gain over the last month. Okta’s stock closed at $92.04 on May 26, with an average analyst price target of $101.59.