CrowdStrike Holdings Inc. (NASDAQ:CRWD) will report its quarterly results after the market closes on Tuesday, June 3.
The company is likely to report “an inline to marginally better quarter, fueled by the persistent IT consolidation trend, according to Rosenblatt Securities.
The CrowdStrike Holdings Analyst: Analyst Catharine Trebnick reiterated a Buy rating and raised the price target from $450 to $515.
The CrowdStrike Holdings Thesis: Trebnick said in the note that the company is likely to report ARR (annual recurring revenue) and revenue growth of 21% and 20%, respectively, in line with Street expectations.
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“Despite macroeconomic pressures, cybersecurity budgets remain resilient,” with reseller checks and surveys indicating a stable security spending environment, she added.
Businesses continue to seek platform players like CrowdStrike “for integrated and efficient security solutions to simplify operations, reduce attack surface, and alleviate budget pressure,” the analyst stated.
The price target has been raised to reflect “the 31% expansion in cybersecurity sector multiples over the last two months, alongside our continued confidence in the company’s strong execution and broad platform tailored to the key IT consolidation trend,” she wrote.
CRWD Price Action: Shares of CrowdStrike Holdings had risen by 0.04% to $471.55 at the time of publication on Monday.
Read More: CrowdStrike Stock Slips: Analyst Downgrades Before Earnings
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