The shift toward cloud computing has helped enterprises of all sizes thrive, particularly over the last year and a half. With all of this data flowing around, endpoint security was necessary to protect clients and companies. CrowdStrike Holdings, Inc. (CRWD) has benefitted generously from this trend, and is now expanding its business to become even more integral than before. (See Insiders’ Hot Stocks on TipRanks)
Spelling out his bullish thesis on the upcoming advancements is Brent Thill of Jefferies Group, who wrote that CRWD recently unveiled products which will allow the company to better integrate horizontally. Moreover, the new innovations will expand the company’s business beyond just endpoint protection, with it moving into the infrastructure services space.
Thill rated the stock a Buy, and maintained his price target of $335. This target represents a possible 12-month upside of 23.87%.
Writing that “CRWD provides state-of-the-art, next-generation endpoint technology, with a foundation in its distinct graph database and lightweight agent which leverages artificial intelligence & machine learning,” Thill’s stance is clear. He sees the company heading toward an advantageous position with customers, one in which it will be fully indispensable.
CrowdStrike’s log management company Humio can enable an entry into the data warehousing industry, which has the potential to be a “game-changer.” As far as competition is concerned, Thill doesn’t believe that CRWD will have to fight for market share, and that the industry has enough room for several successful companies.
Humio is being marketed aggressively by CrowdStrike, and Thill expects robust sales as the product’s quality increases.
On TipRanks, CRWD has an analyst consensus rating of Strong Buy, based on 17 Buy and 2 Hold ratings. The average CrowdStrike price target is $315.68, indicating a potential 12-month upside of 16.73%. CRWD closed trading on Wednesday at a price of $270.44 per share.
Disclosure: At the time of publication, Brock Ladenheim did not have a position in any of the securities mentioned in this article
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