At last check shares were up 0.4% at $209.05. They've traded on Thursday as high as $215.50, up 3.5%.
"We see CrowdStrike in the sweet spot for two important secular trends of this decade: the rising importance of cybersecurity and cloud adoption," analyst Patrick Colville wrote.
Investors "are underappreciating the incremental dollars flowing into endpoint security, a total addressable market we peg at $35 billion, with CrowdStrike currently only about 5% penetrated."
Deutsche Bank's industry checks suggest that cybersecurity spending "remains buoyant," as the U.S. and Europe emerge from the pandemic and growth in gross domestic product is expected.
"Endpoint security is likely to remain a key focus area within cybersecurity, as the traditional network security perimeter is eroded as users and apps increasingly reside outside of the network," Colville wrote.
Last month, CrowdStrike reported fourth-quarter non-GAAP net income of 13 cents a share on revenue of $264.9 million.
Analysts polled by FactSet were expecting fourth-quarter adjusted earnings of 8 cents a share on revenue of $250.6 million.
Analysts at Jefferies said the results were “a great indicator of how impressive this story is, and we don’t see the cyber tailwinds slowing down soon.”