In this article, we take a look at five tech stocks that are trending today. If you want to take a look at some more stocks that are making headlines on Friday and the latest market situation, go to 10 Tech Stocks Making Headlines on Friday.
5. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) has fallen 6.44% as of 12:29 PM ET after Brad Reback at Stifel lowered the price target on CrowdStrike Holdings, Inc. (NASDAQ:CRWD) from $250 to $205, reflecting a decrease of 18%. Even though the analyst believes that CrowdStrike Holdings, Inc. (NASDAQ:CRWD) reported “solid” Q1 results, he expects the stock’s high valuation to decline. Reback shared that his price target is reflective of “recent multiple compression.”
Baron Funds shared its insights on CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its Q1 2022 investor letter. Here’s what was said about the company:
“CrowdStrike, Inc. provides cloud-delivered, next generation security solutions via its Falcon platform consisting of end-point protection, advanced persistent threat, security information, event management, and cloud workload protection. Shares rose 11% in the first quarter, on the back of impressive quarterly results with net new annual recurring revenue (ARR) accelerating for the second straight quarter to 52% year-over-year and the company’s favorable unit economics driving 30% free cash flow margins. Moreover, key new disclosures highlight how non-end-point products are seeing momentum with cloud product-generated ARR surpassing $100 million, representing 8% of net new ARR in the quarter. With more workloads migrating to or starting in the cloud, we believe CrowdStrike is well positioned to compound at high growth rates for years given its unique product platform and attractive go-to-market business model.”
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) was held by 80 hedge funds out of the 912 funds being tracked by Insider Monkey as of Q1 2022.