10 High Growth Cybersecurity Stocks To Buy

3. Okta Inc. (NASDAQ:OKTA)

Number of Hedge Fund Holders: 72

Okta Inc. (NASDAQ:OKTA) is a leading independent identity provider offering secure, cloud-based identity solutions for businesses. Its Okta Identity Platform enables seamless integration with various applications, services, and cloud environments. OKTA is one of the best high growth stocks on our list.

In February, the company appointed Eric Kelleher as President and COO, a move aimed at strengthening its executive leadership as it focuses on scaling growth. Simultaneously, Okta Inc. (NASDAQ:OKTA) announced a workforce reduction of approximately 180 employees (3% of its workforce) as part of a broader restructuring effort to optimize resources and align with long-term priorities. These strategic shifts suggest the company is prioritizing operational efficiency and market leadership, positioning itself for sustained growth in the evolving cybersecurity landscape.

Okta Inc. (NASDAQ:OKTA) delivered a strong performance in its full-year fiscal 2024 results. Total revenue grew 22% YoY to $2.26 billion, with subscription revenue climbing 23% YoY to $2.21 billion. The company made notable progress in profitability, reporting a GAAP operating loss of $516 million, a marked improvement from the $812 million loss in fiscal 2023. Cash flow generation was a standout, with operating cash flow reaching $512 million (23% of revenue) and free cash flow at $489 million (22% of revenue), both showing massive gains from $86 million and $65 million, respectively, in fiscal 2023.

Barclays analyst Saket Kalia has maintained a Hold rating on the stock while raising the price target from $96 to $105, indicating a 15.54% upside from current levels.