5 Best Cloud Stocks To Buy Now

4. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)

Number of Hedge Fund Holders: 77

CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a Texas-based provider of cloud-based cybersecurity protection across endpoints and cloud workloads, identity, and data. The company announced on September 20 that it is acquiring IT services firm Reposify. Reposify’s external attack surface management (EASM) capabilities will help expand CrowdStrike Holdings, Inc. (NASDAQ:CRWD)’s Threat Intelligence and Security and IT Operations product suites.

On September 21, BTIG analyst Gray Powell kept a Buy rating and a $234 price target on CrowdStrike Holdings, Inc. (NASDAQ:CRWD). The analyst said that discussions with the company management have left him with a higher confidence in CrowdStrike Holdings, Inc. (NASDAQ:CRWD)’s growth potential and its ability to combat higher pressure on IT budget in a weakening economy. 

Among the hedge funds tracked by Insider Monkey, 77 funds reported owning stakes in CrowdStrike Holdings, Inc. (NASDAQ:CRWD) at the end of Q2 2022, compared to 80 funds in the earlier quarter. Chase Coleman’s Tiger Global Management is the largest stakeholder of the company, with 6.5 million shares worth $1.10 billion. 

Here is what Carillon Tower Advisers specifically said about CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its Q2 2022 investor letter:

“CrowdStrike Holdings, Inc. (NASDAQ:CRWD), a security software platform for protecting information technology assets and cloud workloads, delivered strong earnings results, with solid recurring revenue, customer growth, and profitability. Some investors, however, hoped for bigger numbers on the annual recurring revenue metric. Additionally, CrowdStrike has shown a desire to continue to hire to fuel growth, and so the expected increase in future profitability will be held back somewhat in the near term. We remain positive on the company’s prospects, as current geopolitical tensions make cyber security mission-critical.”