Stocks On the Rise: 10 Best Stocks to Buy Right Now

3) Okta, Inc. (NASDAQ:OKTA)

% Gain on a YTD Basis: ~37.3%

Market cap as on March 6: ~$18.4 billion

Number of Hedge Fund Holders: 72

Okta, Inc. (NASDAQ:OKTA) sells solutions for identity and access management. Mizuho analyst Gregg Moskowitz upped the company’s stock to “Outperform” from “Neutral” with a price objective of $127, an increase from $110. The company released strong results for Q4 2024, with its current remaining performance obligations (cRPO) increasing 15% YoY. Notably, cRPO represents subscription backlog which is expected to be recognized over the upcoming 12 months. Mizuho opines that Okta, Inc. (NASDAQ:OKTA) is a clear leader in the critically important identity management market.

Also, the firm believes that the company will increasingly benefit from the group of newer products which have started to drive a meaningful contribution. Elsewhere, DA Davidson analyst Rudy Kessinger upped Okta, Inc. (NASDAQ:OKTA)’s stock to “Buy” from “Neutral” with a price objective of $125, up from $90. As per the firm, Okta, Inc. (NASDAQ:OKTA)’s sales productivity reached a multi-year high. Also, while newer products continue to contribute more meaningfully, enterprise and channel contribution are picking up.

Amidst evolving IT and security landscape, the companies continue to turn to Okta, Inc. (NASDAQ:OKTA) as their identity partner for its ability to deliver the broadest array of modern identity security with the flexibility to meet demands. White Brook Capital Partners, an investment management firm, released its Q4 2024 investor letter. Here is what the fund said:

“Okta, Inc. (NASDAQ:OKTA) was basically unchanged from where we bought it in 2024, although its had a good start to 2025. Okta’s products are used by customers and consumers to manage and secure identities. I believe we acquired shares at an attractive price and look forward to publishing a write up early this year.”