CrowdStrike Outperforms Peers Against Tough Macro In Q1, 10 Analysts Comment On ‘Top Name To Own In Security’

Shares of CrowdStrike Holdings Inc (NASDAQ:CRWD) rose by 7.5% to $328.49 at last check Wednesday, after the cybersecurity company reported better-than-expected fiscal first-quarter results.

The results came amid an exciting earnings season. Here are some key analyst takeaways.

• Wedbush analyst Taz Koujalgi maintained an Outperform rating, while reducing the price target from $390 to $385.
• Mizuho Securities analyst Gregg Moskowitz reiterated a Buy rating, while cutting the price target from $390 to $370.
• Oppenheimer analyst Ittai Kidron reaffirmed an Outperform rating, while raising the price target to $400.
• BMO Capital Markets analyst Keith Bachman reiterated an Outperform rating, while reducing the price target from $425to $410.
• Cantor Fitzgerald analyst Yi Fu Lee maintained an Overweight rating and price target of $400.
• RBC Capital Markets analyst Matthew Hedberg reaffirmed an Outperform rating and price target of $420.
• Piper Sandler analyst Rob Owens maintained an Overweight rating and price target of $400.
• Needham analyst Alex Henderson reiterated a Buy rating and price target of $425.
• Goldman Sachs analyst Gabriela Borges maintained a Buy rating and price target of $400.
• Truist Securities analyst Joel Fishbein reaffirmed a Buy rating and price target of $400.

Check out other analyst stock ratings.

Wedbush: CrowdStrike’s first-quarter revenues of $921 million represent 33% year-on-year growth. They came in higher than Street expectations of $904.6 million. Subscription revenues grew by 34% year-on-year, while ARR (annual recurring revenue) coming in at $3,647 million, with both figures beating consensus estimates, Koujalgi said in a note.

“Strength was driven by continued platform adoption with healthy momentum in Cloud, Identity, and Logscale coupled with better-than-expected results in Data Protection and Charolette AI,” the analyst wrote. While momentum declined sequentially, this was against challenging macro and demand trends and exceeded the performance of other software and security companies.

Mizuho Securities: “Despite recent choppy results from numerous software vendors, CRWD reported a good F1Q,” Moskowitz wrote in a note. Total ARR came in at $3.65 billion, surpassing expectations.

“CRWD also continues to see strong uptake from its emerging modules, mgmt cited healthy demand for Charlotte AI, and its …

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