CrowdStrike Stock Hits Record High on Earnings, Forecast

Options bulls are responding to the blowout results from the cybersecurity company

Digital Content Manager
Mar 6, 2024 at 10:10 AM
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CrowdStrike Holdings Inc (NASDAQ:CRWD) last night reported much better-than-expected fourth-quarter earnings of 95 cents per share on revenue of $845.3 million. The cybersecurity name also issued an upbeat 2025 forecast, as businesses spend more on cybersecurity to protect themselves against online threats.
 

Bull notes are coming from every direction, with no fewer than 25 already doled out. The highest comes from BTIG, which raised the stock's price objective $432 from $322. This is made more notable by the fact the brokerage bunch is already extremely bullish, with only two of the 41 firms in coverage sporting a "hold" rating.

CRWD was last seen up 17.9% to trade at $350.88, and earlier hit a record high of $365, bursting through a ceiling at the $340 level that capped a mid-February peak. The shares are on track to snap a three-day losing streak and notch their biggest single-day percentage gain on record. Over the past 12 months, CrowdStrike stock added 183%.

An unwinding of pessimism in the options pits could fuel additional gains for the security, which sports a Schaeffer's put/call open interest ratio (SOIR) of 1.14 that sits higher than 91% of annual readings. In simpler terms, short-terms options traders have rarely been more put-biased.
 
Options volume is today running at 13 times the intraday average, with 52,000 calls and 28,000 puts exchanged so far. Most popular is the March 400-strike call, where positions are being opened.

 

 

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