Why These CrowdStrike Analysts Believe Company Is Uniquely Positioned In Cybersecurity

CrowdStrike Holdings Inc (NASDAQ: CRWD) recently reported strong third-quarter results, with solid profitability gains.

To delve deeper into these results and their implications, analysts from Rosenblatt Securities and Needham have provided their insights and forecasts for the company's future performance.

Rosenblatt Securities On CrowdStrike

Analyst Catharine Trebnick maintained a Buy rating, while raising the price target from $245 to $315.

Recent meetings with CrowdStrike’s team triggered “increased conviction in the company's ability to outperform expectations,” Trebnick said in a note. The company’s cloud-native unified platform has disrupted the cybersecurity landscape, which has a slew of bolted-on platforms, she added.

“CrowdStrike's unique approach drives module adoption at an exceptional rate, with 8+ modules seeing 80% Y/Y growth,” the analyst wrote.

Check out other analyst stock ratings.

Needham On CrowdStrike

Analyst Alex Henderson reiterated a Buy rating and price target of $325.

While CrowdStrike performed well this year, it is “in an even better position going into CY24,” with continued market share gains, a return to new ARR (annual recurring revenue) growth and margin expansion, Handerson said. “We expect growth and margin expansion to continue in CY24 and CY25 as CRWD sustains GAAP profitability,” he added.

While citing Cloudflare Inc (NYSE: NET), Zscaler Inc (NASDAQ: ZS), and Palo Alto Networks Inc (NASDAQ: PANW) as the other companies being “uniquely positioned to become major strategic enterprise vendors,” the analyst added CrowdStrike to the Needham Conviction List and named it their “Top Pick in Security for '24.”

CRWD Price Action: Shares of CrowdStrike were up 0.19% to $254.42 at the time of publication Thursday.

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