5 Tech Stocks to Buy Now According to Robert Pitts’ Steadfast Capital

4. Okta, Inc. (NASDAQ:OKTA)

Steadfast Capital’s Stake Value: $235,283,000
Percentage of Steadfast Capital’s 13F Portfolio: 3.92%
Number of Hedge Fund Holders: 52

Okta, Inc. (NASDAQ:OKTA) is a company that provides businesses with an identity management platform. Single sign-on, multi-factor authentication, API access management, authentication, user management, and lifecycle management are some of the products offered by Okta, Inc. (NASDAQ:OKTA).

On April 5, KeyBanc analyst Michael Turits trimmed Okta, Inc. (NASDAQ:OKTA)’s price estimate from $225 to $190, citing lower peer multiples and more performance risk following the company’s recent partner breach. The analyst, however, maintained an Overweight recommendation on the stock. On March 22, Okta, Inc. (NASDAQ:OKTA) revealed a security compromise perpetrated by the Lapsus$ hacker gang.

Steadfast Capital also strengthened its position in Okta, Inc. (NASDAQ:OKTA) by buying 118,128 additional shares in the fourth quarter of 2021. This makes their stake in Okta, Inc. (NASDAQ:OKTA) 1.05 million shares worth $235.28 million.

By the end of the fourth quarter of 2021, Insider Monkey identified 52 hedge funds that had stakes in Okta, Inc. (NASDAQ:OKTA). These stakes were worth a total of $2.11 billion. As of April 11, 2022, Christopher Lyle of SCGE Management was the lead stakeholder of Okta, Inc. (NASDAQ:OKTA). The fund owned more than 1.79 million shares of the stock, worth $400.59 million.