Daily Stock Pick: September 16th, 2022

Stocks fell this morning, looking to wrap up a fourth losing week of the past five. So far this week, the Dow has declined 3.7%, while the S&P 500 and the Nasdaq have lost 4% and 4.6%, respectively.  

If investors should be greedy when others are fearful, now could be the best time to scoop up some shares of this cloud database provider.

Okta Inc. (OKTA) is down more than 40% over the past month following a “disappointing quarter” that included go-to-market integration and execution issues with Okta/Auth0, COO/Co-founder Kerrest taking a one-year sabbatical, Chief Product Officer Jolly leaving the company, a lowering of fiscal year billings guidance and the re-evaluating of its existing FY26 targets.

“This has, in our view, created an attractive entry point for a leading cyber asset,” wrote Jefferies analyst Joseph Gallo on Thursday as he initiated shares of the cybersecurity stock with a buy rating. “While we do not discount the amount of work in front of the company (likely to take a few quarters), we highlight a fantastic product, coupled with a large and underpenetrated market.” 

Okta isn’t exactly a household name, but as more companies rely on IAM services to set up and manage their online permissions, many of them will turn to Okta‘s industry-leading tech — and as they do, Okta’s growth should help its share price to outpace the market over the long term.

Don’t let the company’s share price drop fool you — Okta‘s ability to grow its subscription sales and its addition of high-value $100,000+ customers prove that the company knows exactly what it’s doing in the IAM market. Okta’s share price is down 72% so far this year and currently trades at $62.50. 

Jefferies’s $90 price objective suggests that shares could jump 48%. “We believe Okta has a significant opportunity as it attempts to build out a complete identity platform,” Gallo said. “Investors should always buy category leaders in cyber, and we view OKTA as exactly that.”

Where to invest $1,000 right now...

Before you consider buying OKTA, you'll want to see this.

Investing legend, Keith Kohl just revealed his #1 stock for 2022...

And it's not OKTA.

Jeff Bezos, Peter Thiel, and the Rockefellers are betting a colossal nine figures on this tiny company that trades publicly for $5.

Keith say’s he thinks investors will be able to turn a small $50 stake into $150,000.

Find that to be extraordinary?

Click here to watch his presentation, and decide for yourself...

But you have to act now, because a catalyst coming in a few weeks is set to take this company mainstream... And by then, it could be too late.

Click here to find out the name and ticker of Keith's #1 pick...