OKTA - Top 3 Jim Cramer recommended stocks to own in 2024

2024-06-16 17:13:42 ET

Famed investor Jim Cramer remains convinced that the current environment is suitable for owning stocks. Here are the top three must-own stocks that he recommends buying for 2024.

Okta Inc (NASDAQ: OKTA)

Okta has lost roughly 20% over the past three months but the Mad Money host remains bullish as ever on the identity and access management company.

“I think Okta is terrific” – that’s what Jim Cramer told a caller in May. The famed investor expressed confidence in the leadership of Todd McKinnon as well (chief executive of ) who, he’s convinced, “learned” from the recent hacking attack that reportedly compromised data of millions of its users.

Note that a total of about 47 hedge funds are currently invested in Okta Inc which may also been seen as a positive.

Cramer’s optimism on is widely shared as Wall Street currently rates the stock at “overweight” as well.

Costco Wholesale Corporation (NASDAQ: COST)

Costco has been a long-term favourite for Jim Cramer and he continues to see upside in this retail stock even though it has already gained some 30% this year.

The Nasdaq listed giant recently announced a close to 14% increase to its dividend that indicates just how confident the management is in what the future holds for , as per the Mad Money host.

Costco stock is also a popular one among institutional investors with about 57 hedge funds currently invested in it.

In late May, reported its financial results for the third quarter that handily topped Street estimates. The retail behemoth currently has $10.4 billion in cash and equivalents.

Nextracker Inc (NASDAQ: NXT)

Solar stocks have not been particularly exciting for investors in 2024 but one that Jim Cramer continues to recommend owning is Nextracker Inc.

In fact, has suffered a few analyst downgrades in recent months but the Mad Money host is all for shrugging them off as mere “noise”.

The famed investor is bullish on Nextracker stock as it has a “good story”. Last month, the solar tracking solutions company surpassed expectations for both top and the bottom line for its fiscal first quarter.

A total of 33 hedge funds currently have positions in Nextracker Inc that partnered with Uber Eats in May as Invezz reported here .

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