10 Best SaaS Stocks to Buy According to Analysts

7. Okta, Inc. (NASDAQ:OKTA)

Average analyst upside: 30.2%

Number of Hedge Fund Holders: 65

Okta, Inc. (NASDAQ:OKTA) is one of the best SaaS stocks to buy according to analysts. Okta, Inc. (NASDAQ:OKTA) announced new integrations with Palo Alto Networks, Inc. (NASDAQ:PANW) aimed at improving enterprise cybersecurity by unifying identity access and threat detection. The collaboration brings Okta’s Workforce Identity platform into tighter alignment with Palo Alto’s secure browser and threat operations tools, helping organizations enforce stricter access controls and respond faster to potential risks.

As part of the update, Okta’s platform now supports access to single sign-on applications exclusively through Palo Alto Networks’ Prisma Access Browser. This setup ensures that employees connect to sensitive workplace tools only from verified and secure environments, reducing exposure to phishing, credential theft, and session hijacking.

In parallel, Okta is linking its Identity Threat Protection system, powered by behavioral analytics and AI, with Palo Alto’s Cortex XSIAM, a security operations platform that aggregates and analyzes threat signals. This integration gives security teams a more complete view of user behavior and identity-related threats, helping prioritize and automate incident response.

For Okta, these updates reflect a broader push to move beyond access management and become a key player in holistic cybersecurity strategies. As enterprises face rising pressures from sophisticated attacks, partnerships like this signal a shift toward collaborative, layered defense models. While Okta’s stock has seen uneven performance over the past year, ongoing product evolution and strategic alignment with major security vendors may bolster its long-term position in the identity and access management space.