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The Key Takeaways
- The shares of CrowdStrike fell Wednesday after the cyber-security company announced a surprising loss for its third quarter.
- Analysts were still bullish after the announcement, and some even raised their price target for the shares.
- Despite Wednesday's losses, CrowdStrike shares have gained more than one-third of their value since the start of the year.
Shares of CrowdStrike fell Wednesday after the company announced an unexpected loss in the third quarter. The cybersecurity firm is still optimistic about the stock, however, as they deal with the aftermath of a major outage that occurred back in July.
“Despite the increased near-term uncertainty, we remain steadfast in our view that CRWD’s cloud security platform is very differentiated,” Analysts at Mizuho published a report on Wednesday. It was a firm that maintained its “outperform” rating and $375 price target, which would represent a nearly 10% premium to Wednesday's intraday price of $342.18.
Wedbush analysts raised their target price to $390, up from $330. They noted that CrowdStrike exceeded revenue forecasts in the third-quarter and increased its guidance for full-year. The analysts added that after the outage they raised their full-year guidance. “lost business continues to seem much more limited than first expected.”
Citi analysts were even more bullish, lifting their price target for the stock to $400 from $300, citing the company's "impressive" revenue milestone above $1 billion for the quarter, and "higher conviction on out-year forecasts."
In the afternoon of Wednesday, CrowdStrike shares were down by 6%. Despite Wednesday's losses, they've gained more than one-third of their value since the start of the year.
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