Rhumbline Advisers has increased its holdings in CrowdStrike (NASDAQ: CRWD) by purchasing an additional 11,949 shares during the second quarter of 2023. This move reflects a growth of 2.7% in Rhumbline’s investment, bringing its total ownership to 449,156 shares valued at approximately $228,760,000.
Additional reports indicate that several other hedge funds have also adjusted their positions in CrowdStrike. For instance, AlphaQuest LLC acquired a new stake worth around $26,000, while Financial Gravity Companies Inc. invested $33,000. Notably, Financial Management Professionals Inc. significantly increased its stake by 91.9%, owning 71 shares valued at $36,000 after acquiring 34 additional shares. Overall, institutional investors and hedge funds currently hold 71.16% of CrowdStrike’s stock.
Analysts Upgrade CrowdStrike Ratings
Equity analysts have issued various reports regarding CrowdStrike’s stock. Cantor Fitzgerald raised its target price from $500.00 to $590.00 and assigned an “overweight” rating. Citigroup reaffirmed an “outperform” rating, while Needham & Company LLC increased its target price from $475.00 to $535.00 with a “buy” rating. Additionally, Arete upgraded its rating from “neutral” to “buy,” setting a target price of $706.00.
According to MarketBeat data, CrowdStrike currently has a consensus rating of “Moderate Buy” and a price target of $537.93. The company’s stock has received one Strong Buy rating, twenty-nine Buy ratings, eighteen Hold ratings, and two Sell ratings.
CrowdStrike Financial Performance
CrowdStrike’s stock opened at $490.67 on the most recent trading day, and the company has a market capitalization of $123.14 billion. The firm reported a price-to-earnings ratio of -412.32 and a PEG ratio of 117.80, with a beta of 1.16. Over the past year, CrowdStrike’s stock has fluctuated between a low of $298.00 and a high of $566.90.
In its latest quarterly earnings report released on August 27, 2023, CrowdStrike announced earnings per share of $0.93, exceeding analyst expectations of $0.83 by $0.10. The company reported revenue of $1.17 billion, surpassing projections of $1.15 billion, marking a year-over-year revenue increase of 21.4%. CrowdStrike has set its fiscal year 2026 guidance at $3.600-$3.72 EPS, with third-quarter guidance of $0.930-$0.95 EPS.
Insider trading has also been notable, with Chief Financial Officer Burt W. Podbere selling 10,706 shares on September 22 for approximately $5,306,643.02. Following the sale, Podbere retains 220,424 shares valued at around $109,257,564.08. Similarly, Director Sameer K. Gandhi sold 6,250 shares on September 4 for $2,564,500.00.
During the last quarter, insiders sold a total of 116,622 shares valued at $58,561,456, with insiders holding approximately 3.32% of the company’s stock.
Company Overview
CrowdStrike Holdings, Inc. specializes in delivering cybersecurity solutions across the globe. Its unified platform offers comprehensive protection for endpoints, cloud workloads, identity, and data. The company’s services include cloud workload security, managed security, vulnerability management, IT operations management, identity protection, and more.
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