CrowdStrike Holdings Inc. Customers Remain ‘Very Satisfied’-Stifel
2022.08.17 20:26
CrowdStrike Holdings Inc. Customers Remain ‘Very Satisfied’-Stifel
Budrigannews.com – A Stifel analyst raised the firm’s price target on CrowdStrike Holdings Inc. (NASDAQ:CRWD) to $220 from $205 per share on Wednesday, maintaining a Buy rating on the stock.
Stifel recently completed its annual survey of the CrowdStrike customer base that focused on existing/projected Falcon module adoption, feedback regarding specific modules (Spotlight, Cloud, etc) and factors that influenced their decision to purchase CrowdStrike vs. a competitor.
The analyst said overall, customers remain “very satisfied” with the company’s growth product portfolio, and the vast majority of respondents expect to increase their spending in coming quarters/years. He added that the key takeaways from the survey include: 1. Adoption of Cloud Security Modules Beginning to Inflect 2. As a result, Stifel believes CrowdStrike is well positioned to gain share as customers consolidate spending on the platform.
“Looking forward, the survey reinforced our confidence in CrowdStrike’s multi-module adoption trajectory and growing customer demand for not only consolidating endpoint security with CrowdStrike but also extending their CrowdStrike deployments to non-traditional workloads, especially cloud. Given this continued growth momentum we raise our target price to $220, 16X CY23E EV/Revs,” wrote the analyst.
Crowdstrike shares are down 2.2% Wednesday.
