#4 - Okta (NASDAQ:OKTA)
Sticking in the tech sector, the next undervalued stock we’re recommending is Okta (NASDAQ: OKTA). The company is carving out a distinct niche in the growing cybersecurity sector. Specifically, Okta provides an identity management platform for enterprises as well as small- and medium-sized businesses, universities, non-profits, and government agencies.
While many market trends come and go quickly, the move towards cybersecurity will be one that will have staying power for at least the next several years. Experts have predicted that the number of cyberattacks increased by 300% in the last year.
The company was a pandemic winner as the transition to remote work became a necessity. Okta’s products allowed employees to work safely from home. From the onset of the pandemic until the end of 2020, OKTA stock soared approximately 137%.
But the stock has dropped in value as investors continue to shift out of tech stocks. There was certainly nothing in the company’s most recent earnings report that suggests the company’s performance is going to drop off.
About Okta
Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.
Read More - Current Price
- $75.45
- Consensus Rating
- Hold
- Ratings Breakdown
- 12 Buy Ratings, 19 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $98.30 (30.3% Upside)
