President Joe Biden has only been in office for a little over three weeks, but the stars are aligning for a monstrous rally in the stock market…
According to commentary from Federal Reserve Chairman Jerome Powell, the nation’s central bank has every intention of keeping lending rates at or near historic lows through 2023. It’ll accomplish this by targeting an historically low federal funds rate of 0% to 0.25% and by purchasing Treasury bonds on a monthly basis. Since bond prices and yields move inversely to one another, buying bonds should help push down long-term yields.
At the same time, the Biden administration isn’t being shy about pushing for fiscal stimulus. Biden’s $1.9 trillion economic stimulus would come atop the well-over $3 trillion in fiscal stimulus approved during the coronavirus disease 2019 (COVID-19) crisis in 2020.
Now that companies will have abundant access to cheap capital, the red carpet will be rolled out for growth stocks. In particular, the following five sizzling growth stocks look to be the perfect additions to investors’ portfolios for a Biden bull market.
The potential for exceptional economic growth in the years to come should provide a huge boost to the cybersecurity industry and companies like Okta (NASDAQ:OKTA). Keep in mind that cybersecurity solutions aren’t simply an optional feature anymore. With more businesses than ever moving their data into the cloud, cybersecurity in all forms has become a basic-need service.
Okta’s specialty is leaning on its cloud-native identity-verification platform to detect threats. Okta’s vast portfolio of products utilize artificial intelligence to grow smarter over time at identifying these human and robot-based threats. Best of all, since it was created in the cloud, Okta’s solutions can more effectively respond to hacking attempts than on-premises security solutions.
The other thing investors will love about Okta is that 95% of its revenue is derived from high-margin subscription revenue. Subscriptions tend to produce predictable cash flow and are an important tool with regard to client retention.
After growing sales at an estimated 40% in 2020, Okta has the ability to double its sales roughly every three years this decade.
The insurance advertising industry is huge. However, it’s just beginning to scratch the surface with regard to utilizing the web as a tool to…
Continue reading at THE MOTLEY FOOL