CrowdStrike Analysts Lift Share-Price Targets

Barclays says research shows rising demand for CrowdStrike and falling interest in Symantec.
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CrowdStrike Holdings  (CRWD) - Get Report shares on Monday rose after two analysts raised their share-price targets for the cybersecurity firm.

Barclays analyst Saket Kalia lifted his target to $100 from $60, affirming an overweight rating.

In a research report, he predicted $52 million of net new annual recurring revenue for the 2021 fiscal first quarter ended April 30, The Fly reports. He said more bullish analysts anticipate at least $75 million.

In addition, his $250 million estimate for net new annual recurring revenue for fiscal 2021 may be too low, he said.

Research such as a survey of chief investment officers shows rising interest in CrowdStrike and falling interest in Symantec, Kalia said.

Meanwhile, DA Davidson analyst Andrew Nowinski boosted his share-price target for CrowdStrike to $105 from $60, affirming his buy rating.

CrowdStrike, the Sunnyvale, Calif., provider of security and response services and threat intelligence, is expected to report first-quarter earnings on Tuesday. 

For the quarter, a survey of analysts by FactSet produced consensus estimates of a loss of 15 cents a share, or an adjusted loss of 6 cents a share, on revenue of $165.4 million.

For the year-earlier first quarter, CrowdStrike posted a net loss of 55 cents a share, or an adjusted 47 cents a share. Revenue more than doubled to $96.1 million from $47.3 million.

The shares recently traded at $95.60, up 8.9%. CrowdStrike shares are approaching their 52-week high near $102, which was set last August. The stock has soared 60% over the past three months.