Cybersecurity technology company CrowdStrike Holdings, Inc. (NASDAQ: CRWD) recently revealed that it has entered into a strategic partnership with fellow cybersecurity firm Mandiant (NASDAQ: MNDT) to help customers fight cybersecurity breaches.
Following the news, shares of the company rose almost 6% to close at $223.95 in Thursday’s extended trading session.
Under the terms of the partnership, the CrowdStrike Falcon platform will be utilized by Mandiant for its incident response services and proactive consulting engagements for joint customers. Further, the Mandiant Managed Defense offering will support customers using the Falcon platform later this year.
Management Commentary
The CEO of CrowdStrike, George Kurtz, said, “CrowdStrike has worked with Mandiant many times over the years and there is a mutual respect for the caliber of technical and team expertise we both bring to the fight. We are proud to establish this alliance with them and to more effectively enable the people, processes and procedures necessary to secure the modern organization.”
Wall Street’s Take
Consensus among analysts is a Strong Buy based on 18 Buys and one Holds. CRWD’s average price target of $268.84 implies upside potential of 23.9% from current levels. Shares have gained 6.7% over the past year.
Conclusion
The partnership enables the coming together of two cybersecurity majors to protect enterprises from malevolent cyberattacks. The move is expected to benefit the customers and aid the growth prospects of both companies by boosting revenues and profitability.
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