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(CRWD) – What’s Happening With CrowdStrike Stock Today?

CrowdStrike Holdings Inc. CRWD Shares are trading higher on Wednesday after the company reported better-than-expected financial results and issued guidance that beat analysts’ estimates. Several analysts also raised share price targets following the company’s report.

CrowdStrike said fiscal second-quarter revenue rose 58% year-over-year to $535.2 million, which beat analysts’ average estimate of $515.42 million, according to BenzingaPro. Annual recurring revenue jumped 59% year over year to $2.14 billion.

The cybersecurity company reported quarterly earnings of 36 cents per share, beating analysts’ average estimate of 27 cents per share.

The company added 1,741 net new subscriber customers during the quarter, bringing the total number of subscriber customers to 19,686 as of July 31. CrowdStrike ended the quarter with $2.32 billion in cash and cash equivalents.

“As organizations react to macro conditions, they are prioritizing investments and looking to standardize with a security partner they can trust to achieve better protection with less time, fewer resources and a lower total cost of ownership. Our ability to deliver immediate ROI and consolidate security and the IT stack significantly sets us apart from the competition,” said Georges Kurtzco-founder and CEO of CrowdStrike.

CrowdStrike expects third-quarter revenue to be between $569.1 million and $575.9 million, versus an estimate of $568.57 million. The company expects adjusted third-quarter earnings to be between 30 and 32 cents per share versus an estimate of 28 cents per share.

CrowdStrike said it expects annual revenue to be between $2.223 billion and $2.232 billion, down from an estimate of $2.2 billion.

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Analyst Rating: Several analysts raised share price targets after CrowdStrike’s quarterly results.

  • Needham analyst Alex Henderson held CrowdStrike with a buy and raised the price target from $210 to $225.
  • Piper Sandler analyst Rob Owens kept CrowdStrike overweight and raised the price target from $230 to $240.
  • Citigroup analyst Fatima Boolani held CrowdStrike down with a buy and raised the price target from $235 to $245.
  • Morgan Stanley analyst Hamza Fodderwala kept CrowdStrike overweight and raised the price target from $215 to $217.
  • Barclays analyst Saket Kalia kept CrowdStrike overweight and raised the price target from $215 to $225.

CRWD Price Action: CrowdStrike has a 52-week high of $242 and a 52-week low of $130.

The stock was up 1.04% at $195.30 at press time.

Photo: Courtesy of CrowdStrike.