Every investor wants to find multibagger stocks. These are the kinds of companies that give you returns of three, five, or even 10 times your original investment, if not more.

In today's market full of high-flying tech stocks, plenty of investors have capitalized on such high-growth stocks, but with the market testing all-time highs, investors may be wondering if these stocks still have room to grow.

Fear not. Our contributors have selected three stocks that have already doubled but still have room to run. Keep reading to see why they think Pluralsight (PS), Organigram Holdings (OGI 0.98%), and Okta (OKTA 22.91%) are worth a look.

A chart showing a white upward arrow above white clouds in a blue sky.

Image source: Getty Images.

Eliminating technology skills gaps

Todd Campbell (Pluralsight): Companies employ over 100 million people in technical teams worldwide, and skills gaps because of rapidly changing technology are a major pain point for employers.

A fast-growing, cloud-based learning company, some of the planet's biggest companies rely on Pluralsight to assess and teach technology workers new skills. Pluralsight already works with more than half the Fortune 500 and it boasts over 810,000 users in 150 countries.

Pluralsight's land-and-expand sales strategy has proven highly successful. Its revenue grew 39% to $232 million in 2018 and in Q1, a net expansion rate of 128% contributed to sales rising 40% year over year to $69.6 million. In 2019, revenue is expected to exceed $312 million, and in 2020, analysts think revenue could reach $428 million.

The company's total addressable market is worth $24 billion, so if new technologies keep emerging, share prices should enjoy tailwinds. That's not the only reason to like this company, though. Pluralsight's founder and CEO, Aaron Skonnard, is a major shareholder, controlling 54% of investors' voting power. Given Skonnard's got plenty of incentive to maximize Pluralsight's market opportunity, investors may find that buying shares pays off.  

The grass could get much greener

Sean Williams (OrganiGram Holdings): In just over four months, Canadian marijuana stock OrganiGram Holdings has surged 100%, pushing its market cap to more than $1 billion. Although much of the Canadian pot industry has been hit by early stage supply chain issues, this is a company that I believe could literally and figuratively "grow" much more than it already has.

OrganiGram is one of perhaps a dozen growers to our north that'll be capable of growing and/or retailing at least 100,000 kilos of cannabis a year at its peak. But there's much more to like about OrganiGram than just its output. For starters, OrganiGram brings geographic advantages to the table. Being based in New Brunswick, it's the only major grower located in the Atlantic region of Canada. Though Atlantic-based provinces (New Brunswick, Prince Edward Island, Nova Scotia, and Newfound and Labrador) aren't as populated as, say, Ontario or Quebec, surveys have shown that adults use cannabis more frequently in the Atlantic-based provinces. That bodes well for OrganiGram's near- and long-term sales potential.

This is also a company that's put growing efficiency at the forefront. The company's only grow site in Moncton, New Brunswick, contains about 490,000 square feet of cultivation space. OrganiGram projects 113,000 kilos of peak yield from this site, or 231 grams per square foot. That's more than double the industry average of about 100 grams per square feet. The company's secret is that it's utilizing three tiers of growing space in its grow rooms, thereby maximizing its greenhouse space.

OrganiGram also deserves credit for its efforts to promote high-margin cannabis derivatives, such as oils, and perhaps edibles, vapes, and beverages in the somewhat near future. The company recently announced that it would be setting aside some space from its 56,000-square-foot expansion at the Moncton campus for extraction, and it also has a multiyear extraction deal in place with Valens GroWorks

As one of just three pot growers to have supply agreements in place with all of Canada's provinces, OrganiGram appear set to thrive. Don't be surprised if it's one of the first growers to generate recurring operating profits.

Growth in the clouds

Jeremy Bowman (Okta): Cloud stocks have been a source of huge growth for investors in recent years. Enterprises are moving en masse to the cloud, which has a number of advantages over traditional software including scalability and adaptability, and that shift should continue to drive growth of software-as-a-service (SaaS) stocks like Okta.

Okta, which specializes in identity for the cloud, has jumped more than 300% from its IPO two years ago, and has doubled in the last year. The company is the leading independent cloud provider for managing identity and security needs like passwords, two-factor authentications, and even customer loyalty programs. It has more than 6,000 integrations with other cloud, web, mobile apps, showing its acceptance and versatility in the business world. 

Okta's financial numbers help explain why the stock has done so well. The company has consistently outperformed its own guidance as revenue jumped 56% to $399 million last year. Profitability has also begun to ramp up as Okta had turned free-cash-flow positive by the end of the year with $4.8 million in free cash flow in the fourth quarter.  

On a GAAP basis, Okta is still unprofitable as the company spends aggressively on sales and marketing like many SaaS companies in order to capitalize on the fast-growing market opportunity. Last year, sales and marketing expenses accounted for 57% of its total revenue. However, the core subscription business is amply profitable with gross margin of 71.6%, meaning its model should eventually deliver profits, especially as the company recruits more large customers generating more than $100,000 in annual recurring revenue.

With the company busy making acquisitions and adding new products, Okta is seizing the long-term growth opportunity in front of it. That should lead the stock to further returns.