5 Stocks Cathie Wood Is Selling

4. Okta, Inc. (NASDAQ: OKTA)

Number of Hedge Fund Holders: 48    

Okta, Inc. (NASDAQ: OKTA) is ranked fourth on our list of 10 stocks Cathie Wood is selling. The company’s shares have returned 13% to investors in the past twelve months. The firm sells identity management and security platforms for businesses and governments. In the first three months of 2021, Wood sold the entire stake of ARK Investment Management in the cyber security company. However, the firm still beat market expectations on earnings per share and revenue in results for the first quarter. 

On May 27, investment advisory Piper Sandler gave Okta, Inc. (NASDAQ: OKTA) stock a Neutral rating and assigned it a price target of $235. Rob Owens, an analyst at the firm, said there was uncertainty regarding the firm with a CFO transition and guidance numbers. 

At the end of the first quarter of 2021, 48 hedge funds in the database of Insider Monkey held stakes worth $1.6 billion in Okta, Inc. (NASDAQ: OKTA), down from 61 in the preceding quarter worth $2.3 billion.