In this article we discuss the 5 best cybersecurity stocks to buy now. If you want to read our detailed analysis of these stocks, go directly to the 15 Best Cybersecurity Stocks to Buy Now.
5. Okta, Inc (NASDAQ: OKTA)
Number of Hedge Fund Holders: 48
Okta, Inc (NASDAQ: OKTA) is a cybersecurity company that provides services in managing and securing user authentication into applications. It also allows the developers to build identity controls into applications, websites, and devices.
In Q1 FY22, Okta, Inc (NASDAQ: OKTA) reported a net income of $12.9 million, up from $7.44 million during the same period last year. The EPS for the quarter was recorded at -$0.10, beating the market consensus by $0.10. The revenue presented a 37% year-over-year growth at $251 million. Moreover, the subscription revenue also grew by 38% from the past year at $240 million. Free cash flow accounted for 21% of the gross revenue at $53 million, compared with $30 million, a year ago. For the second quarter of FY22, the company expects to generate revenue in the range of $295 million to $297 million. The OKTA stock has soared by 18.4% in the past year. Recently, Goldman Sachs initiated its coverage on the stock with a ‘Buy’ rating and a $312 price target. Mizuho also raised its price target on OKTA to $275.
As of Q1 2021, 48 hedge funds tracked by Insider Monkey have stakes in Okta, Inc (NASDAQ: OKTA), worth $1.6 billion. With 1.7 million shares, worth $393.9 million, SCGE Management is the leading shareholder of the company.