Bull Notes, Record Highs for CRWD After Earnings Beat

The equity is already up over 230% this year

Jake Scott

Deputy Editor

Dec 3, 2020 at 10:42 AM

The shares of CrowdStrike Holdings Inc (NASDAQ:CRWD) are up 15.6% to trade at $163.99 at last check, and reached an all-time high of $164.58 earlier. This comes after the company reported third-quarter earnings of 8 cents per share on revenue of $232.5 million -- well above Wall Street's estimates. In turn, the equity earned no less than nine price-target hikes this morning, including a lofty one from Oppenheimer to $190 from $164.

Analysts were already majorly optimistic toward the security coming into today. In fact, 15 out of the 17 in coverage called CrowdStrike stock a "buy" or better, while the other two carried a tepid "hold" rating. Echoing this, the 12-month consensus price target of $174.53 is a 6.7% premium to current levels.

Digging deeper, today's pop has helped the equity topple resistance at the $155 mark. However, Crowdstrike stock had already been carving a channel of higher highs since April, after shares hit a March 17, all-time-low of $31.95. Year-to-date, CRWD sports a 230.9% lead.

Unsurprisingly, the options pits are seeing a surge in activity today. In just the first hour of trading, over 75,000 calls have crossed the tape, or 18 times the average intraday amount. The most popular is the weekly 12/4 165-strike call, followed closely by the 12/11 170- strike-call, with new positions currently being opened at both.

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