Investing.com - CrowdStrike soared on Monday after several analysts on Wall Street issued positive ratings on the stock and talked up the prospects of the company’s cloud security platform.
Among the slew of positive ratings on Crowdstrike (NASDAQ:CRWD), Oppenheimer was one of the more vocal supporters and initiated coverage at outperform citing its superior technology. Its shares rallied more than 3.5% by 2:14 p.m. ET. (20:14 GMT)
"We believe CrowdStrike's innovative technology which layers on AI/ML to crowdsourced threat intelligence to stay ahead of the adversaries is superior to its competitors." Oppenheimer said. "Our belief is CrowdStrike to displace and replace competitors' solutions, and to take market shares from legacy and next-gen antivirus vendors."
Oppenheimer slapped a $90 price target on CrowdStrike’s shares, representing more than a fifth of upside from its current market price of $69.90.
Others on Wall Street also raved about the company’s technology with Bank of America/Merrill Lynch saying CrowdStrike is a “dominant force in endpoint security” while Needham called the company “one of the premiere native cloud security platforms.”
The fanfare over the company’s approach to cyber defense is not without merit as it set about using artificial intelligence tools that can uncover new forms of threats in real time.
Shares of the cloud-based cybersecurity company began trading on June 12 to much fanfare and rallied nearly 71% on the day. The company went public at $34. At its current price, the stock is up about 105% from its IPO.
Crowdstrike went public at $34 on June 11. The shares are up 105% since.
The company’s saw its revenues more than double last year to $249.8 million from $118.8 million, but it remains a loss-making entity, with losses of $140 million reported last year.