What's Going On With CrowdStrike Stock Today?

CrowdStrike Holdings Inc CRWD shares are trading higher Thursday after the company reported better-than-expected financial results and raised guidance. Multiple analysts raised or maintained price targets well above current levels following the company's quarterly results. 

What Happened: CrowdStrike said second-quarter revenue increased 37% year-over-year to $731.63 million, which beat analyst estimates of $724.13 million, according to Benzinga Pro. The cybersecurity company reported quarterly earnings of 74 cents per share, which beat estimates of 56 cents per share.

Ending annual recurring revenue grew 37% to $2.93 billion. Cash flow from operations came in at $245 million, while free cash flow totaled $189 million.

"CrowdStrike delivered strong growth at scale, exceeding our guidance across both top and bottom line metrics in the second quarter," said George Kurtz, co-founder, president and CEO of CrowdStrike.

"The AI-powered Falcon platform's native capabilities across our cloud, identity, and next-gen SIEM businesses are unique in the market, in aggregate contributing well over half a billion dollars in ending ARR. Our platform strategy sets us apart from the competition, resulting in high win rates as customers rapidly embrace Falcon."

CrowdStrike sees third-quarter revenue in the range of $775.4 million to $778 million versus estimates of $773.97 million. The company anticipates earnings of 74 cents per share versus estimates of 60 cents per share.

For full-year 2024, CrowdStrike expects revenue to be between $3.03 billion and $3.04 billion, versus estimates of $3.02 billion. The company anticipates earnings of $2.80 to $2.84 per share versus estimates of $2.39 per share.

See Also: Why Okta Stock Is Rising

Analyst Assessment:

• Needham analyst Alex Henderson maintained CrowdStrike with a Buy and raised the price target from $170 to $200.
• Rosenblatt analyst Catharine Trebnick maintained CrowdStrike with a Buy and raised the price target from $175 to $190.
• Oppenheimer analyst Ittai Kidron reiterated CrowdStrike with an Outperform and maintained a $175 price target.
• JMP Securities analyst Trevor Walsh reiterated CrowdStrike with a Market Outperform and maintained a $235 price target.
• BMO Capital analyst Keith Bachman maintained CrowdStrike with an Outperform and raised the price target from $165 to $167.
• Stephens & Co. analyst Brian Colley reiterated CrowdStrike with an Overweight and maintained a $200 price target.

CRWD Price Action: CrowdStrike shares were up 1.28% at $151.09 at the time of publication, according to Benzinga Pro.

Photo: Robinraj Premchand from Pixabay.