5 Best Cybersecurity Stocks to Buy Now

4. Okta, Inc. (NASDAQ:OKTA)

Number of Hedge Fund Holders: 59

On March 1, Okta, Inc. (NASDAQ:OKTA) posted strong earnings for the fiscal fourth quarter of 2023. The company reported an EPS of $0.30 and beat EPS expectations by $0.21. The company generated a revenue of $510 million, up 33.15% year over year, and outperformed consensus by $20.55 million.

This March, WestPark Capital analyst Casey Ryan started coverage of Okta, Inc. (NASDAQ:OKTA) with a Buy rating and a $120 price target. The stock is placed fourth among the best cybersecurity stocks to buy now according to analysts and hedge funds.

At the end of the fourth quarter of 2022, 59 hedge funds were bullish on Okta, Inc. (NASDAQ:OKTA) and disclosed positions worth $1.26 billion in the company. This is compared to 47 positions in the preceding quarter with stakes worth $763.5 million. The hedge fund sentiment for the stock is positive.

As of December 31, Holocene Advisors is the leading shareholder in Okta, Inc. (NASDAQ:OKTA) and has a position worth $120 million.

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