White Brook Capital Partners, an investment management firm, released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The Fund’s NAV increased by 6.50%, YTD, net of all realized and accrued fees vs the S&P 400 MidCap Index up 13.55%. The firm believes that small and midcap stocks present a compelling opportunity. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
White Brook Capital Partners highlighted stocks like Okta, Inc. (NASDAQ:OKTA), in the third quarter 2024 investor letter. Okta, Inc. (NASDAQ:OKTA) is an identity partner that offers Okta’s suite of products and services used to manage and secure identities. The one-month return of Okta, Inc. (NASDAQ:OKTA) was -2.87%, and its shares gained 6.59% of their value over the last 52 weeks. On October 23, 2024, Okta, Inc. (NASDAQ:OKTA) stock closed at $72.16 per share with a market capitalization of $12.257 billion.
White Brook Capital Partners stated the following regarding Okta, Inc. (NASDAQ:OKTA) in its Q3 2024 investor letter:
“During the quarter, White Brook Capital sold its position in PetIQ near the takeout price and reinvested proceeds in three new investments: Wayfair, Inc (W), Okta, Inc. (NASDAQ:OKTA), and Krispy Kreme, Inc (DNUT). Okta represents a new technology sector investment that is somewhat dependent on small and medium business employment and new business lines that while nascent are growing quickly. The market is unwilling to wait for those businesses to become meaningful contributors.”
A mobile application developer programming on a tablet, illustrating the power of the company’s adaptive multi-factor authentication.
Okta, Inc. (NASDAQ:OKTA) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Okta, Inc. (NASDAQ:OKTA) at the end of the second quarter which was 54 in the previous quarter. While we acknowledge the potential of Okta, Inc. (NASDAQ:OKTA) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Okta, Inc. (NASDAQ:OKTA) and shared the list of AI news investors should not miss. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.