Cathie Wood Stock Portfolio: 5 Newest Stock Picks This Year

2. Okta, Inc. (NASDAQ:OKTA)

Number of Hedge Fund Holders: 57

Okta, Inc. (NASDAQ:OKTA) is an identity management company based in San Francisco that ranks second on the list of Cathie Wood’s new stock picks. Okta, Inc. (NASDAQ:OKTA) provides an enterprise identity management platform to small and medium-sized businesses.

On September 28, Morgan Stanley analyst Hamza Fodderwala upgraded Okta, Inc. (NASDAQ:OKTA) to Overweight from Equal-Weight and raised his price target for the stock to $315 from $275, citing that OKTA is well-positioned to benefit from the growing market of identity and access management.

In the second quarter of the fiscal year 2022, Okta, Inc. (NASDAQ:OKTA) reported an EPS of -$0.11, beating estimates by $0.22. The company’s revenue in the second quarter grew 57% year over year to $316 million and beat revenue estimates by $22.3 million. The stock has gained 11.68% in the past twelve months. 

At the end of the second quarter of 2021, 57 hedge funds in the database of Insider Monkey held stakes worth $2.09 billion in Okta, Inc. (NASDAQ:OKTA), up from 48 in the previous quarter worth $1.61 billion.