Technology

What Analysts Are Saying About CrowdStrike After the Quiet Period

Chris Lange

Published: July 8, 2019 12:40 pm

Last Updated: January 11, 2020 8:01 am

CrowdStrike Holdings Inc. (NASDAQ: CRWD) shares rose in Monday’s session after its quiet period came to a close and analysts could weigh in on the stock. Overall, the firm saw predominantly positive ratings.

Although the stock is down from its post-IPO highs, it still is positive in relation to when it came public. In the initial public offering, the stock was expected to price in the range of $28 to $30, but it actually priced at $34 apiece and then entered the market sharply higher at $63.50.

CrowdStrike was founded in 2011 to reinvent security for the cloud era. When the company was started, cyberattackers had a decided, asymmetric advantage over existing security products. Now the firm has turned the tables on the adversaries by taking a fundamentally new approach that leverages the network effects of crowdsourced data applied to modern technologies such as artificial intelligence, cloud computing and graph databases.

Some of the world’s largest enterprises, government organizations and high-profile brands use CrowdStrike to protect their businesses. As of January 31, 2019, the firm had 2,516 subscription customers worldwide, including 44 of the Fortune 100, 37 of the top 100 global companies and nine of the top 20 major banks.

Here’s what the analysts had to say:

• CIBC initiated coverage with an Outperform rating and a $90 price target.
• Oppenheimer also started it with an Outperform rating and a $90 target.
• SunTrust Banks started it with a Hold rating and a $69 price target.
• Credit Suisse initiated coverage with a Neutral rating and a $70 target.
• Macquarie started it with an Outperform rating and a $75 target price.
• JMP Securities initiated it with an Outperform rating and an $80 target.
• RBC has a Sector Perform rating with a $70 price objective.
• JPMorgan started it at Overweight with a $100 price target.
• Merrill Lynch initiated with a Buy rating and a $75 price objective.
• Piper Jaffray set an Overweight rating and a $75 target.
• Stifel started with it a Buy rating and an $80 price target.
• Goldman Sachs initiated it at Neutral with a $66 price target.
• Mizuho started it with a Buy rating and an $80 price target.
• Jefferies initiated coverage with a Hold rating and a $71 target.
• Barclays has an Overweight rating with an $80 price target.
• Needham started it with a Buy rating and an $80 price target.

Shares of CrowdStrike were up over 4% to $70.13 on Monday, in a post-IPO range of $56.00 to $79.79.