CrowdStrike posted record quarterly results on Wednesday, and shares jumped nearly 9% in premarket trading as investors digested the numbers. Citi raised its price target on the cybersecurity stock to $260 from $250, implying 37% upside from Wednesday's close.
CrowdStrike shares were last up nearly 9% in premarket trading Wednesday after the company reported record-smashing financial results for its fiscal second quarter. The company posted adjusted earnings of 31 cents per share, above the 29 cents analysts polled by LSEG had expected.
Revenue came in at a record-high $1.47 billion for the quarter, topping the $1.44 billion consensus estimate on Wall Street. That figure increased 26% on a year-over-year basis.
Citi lifts price target to $260
Citi has a buy rating on CrowdStrike and raised its price target on the shares to $260 from $250, suggesting 37% upside from Wednesday's close. Analyst Fatima Boolani pointed to the company's product mix and go-to-market strategy in enterprise software, writing that they give "confidence in durable high-20s [annual recurring revenue] Price Performance growth." Boolani also noted that CrowdStrike demonstrated core endpoint acceleration, which she called a fairly impressive feat.
That call is not an outlier. Of the 55 analysts covering CrowdStrike, 45 have a buy or strong buy rating on the stock, according to LSEG data. Shares have popped 61% year to date.
Source: CNBC
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