What's Going On With CrowdStrike Stock Today?

CrowdStrike Holdings Inc CRWD shares are trading higher Tuesday, bouncing back after facing heavy selling pressure on consecutive days following last week’s global IT outage.

What To Know: CrowdStrike shares fell 11% on Friday and another 13.5% on Monday as investors continued to dump shares after a CrowdStrike update at the end of last week led to a major outage that impacted businesses across the world.

CrowdStrike CEO George Kurtz said the outage was caused by “a defect found in a single content update,” confirming that it was not a security incident or cyberattack. 

Baird analyst Shrenik Kothari maintained CrowdStrike with an Outperform on Tuesday and lowered the price target from $350 to $335. HSBC analyst Stephen Bersey downgraded CrowdStrike from Buy to Hold and lowered the price target from $388 to $302.

The analysts join a growing group to weigh in on CrowdStrike stock following the IT outage. Several analysts have adjusted price targets in recent days ranging from $300 to $405. With the stock trading in the $260s, the selloff appears to be overdone from an analyst perspective, which may help explain some of the bounce back in shares Tuesday.

See Also: CrowdStrike CEO George Kurtz To Testify Before Congress On Faulty Update Causing Global Disruptions

CrowdStrike is not due to report earnings for the second quarter until sometime near the end of August. The company is expected to report earnings of 98 cents per share and revenue of $959.985 million, according to estimates from Benzinga Pro.

It’s worth noting that CNBC’s Jim Cramer on Monday predicted that CrowdStrike shares are poised for a swift recovery given the company’s “unbelievable technology.” He applauded the company’s response to the outage and suggested people will forget about it and return to CrowdStrike in about three months.

CRWD Price Action: CrowdStrike shares were up 1.74% at $268.50 at the time of publication, according to Benzinga Pro.

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