CrowdStrike Holdings (NASDAQ:CRWD) received a price target bump from Oppenheimer, indicating optimism in the company’s recent success and future potential. With the target price raised to $355 from $300 and an ongoing Outperform rating, confidence in the cybersecurity firm is soaring.
CrowdStrike posted impressive fourth-quarter results, boasting a 27% year-over-year growth in net new annual recurring revenue (NNARR) and significant profitability gains with a 25% operating margin and 33% free cash flow margin. The company’s resilience against spending fatigue is evident, as seen in the strong platform adoption and a 100% surge in deals involving multiple product modules.
Annual Recurring Revenue (ARR) for emerging products has surpassed $850 million, setting CrowdStrike apart from its competitors. Moving forward, emerging product launches scheduled for FY25 and strategic partnerships are expected to further propel CrowdStrike’s success. Oppenheimer remains bullish on CrowdStrike’s growth prospects, adjusting estimates to align with the company’s guidance and raising the price target to $355 while maintaining an Outperform rating. Anticipation is high for CrowdStrike to continue its momentum and solidify its position in the cybersecurity sector.