CrowdStrike Stock Surges on Earnings Debut Success

CRWD shares are now trading at more than double their IPO price

Deputy Editor
Jul 19, 2019 at 10:13 AM
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Newly public cybersecurity stock CrowdStrike Holdings Inc (NASDAQ:CRWD) is enjoying a serious surge following the company's earnings debut. CrowdStrike reported fiscal first-quarter earnings in line with analysts' estimates, and revenue that beat expectations. The firm also predicted stronger-than-expected current-quarter figures. CRWD stock is up 14.5% at $83.28, and earlier touched a record high of $85.85. 

It's been a good run for CrowdStrike so far. The stock, which debuted on June 12, is now trading at more than double its initial public offering (IPO) price of $34.

The revenue beat has analysts flocking to the stock with bull notes. So far, RBC, Credit Suisse, Jefferies, Stifel, Needham, and J.P. Morgan Securities have all lifted their price targets, with the latter coming in on top with a $104 estimate. There's certainly room for more price-target hikes, though. Now, the consensus 12-month target price of $87.44 sits at a slim premium to current levels. This goes for analyst upgrades, too; while 11 call CRWD stock a "buy" or better, five still say "hold."

Options buyers are likely celebrating today, too. In the past 10 days, 3.03 CrowdStrike calls were bought for every put on the on the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). 

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