CrowdStrike (CRWD) Price Target Raised to $515 as AI Cybersecurity Demand Soars

We recently published a list of 10 AI Stocks on Wall Street’s Radar. In this article, we are going to take a look at where CrowdStrike Holdings, Inc. (NASDAQ:CRWD) stands against other AI stocks on Wall Street’s radar.

On June 2^nd, Rosenblatt analyst Catherine Trebnick raised the price target on CrowdStrike Holdings, Inc. (NASDAQ:CRWD) to $515.00 (from $450.00) while maintaining a “Buy” rating. The price target revision reflects the firm’s optimism about Crowdstrike’s future financial outlook.

According to the analysts, the growing trend toward IT consolidation is improving Crowdstrike’s performance. Annual recurring revenue (ARR) and revenue growth are anticipated to align with market estimates, projecting a 21% and 20% increase, respectively. The firm further noted how businesses, despite being careful with spending, are choosing Crowdstrike for its comprehensive AI-powered security solutions.

Security personnel at their consoles, monitoring a global network of threats in real-time.

Crowdstrike’s Q1 report is anticipated today, June 3^rd, with analysts estimating an “inline to marginally better quarter, fueled by the persistent IT consolidation trend.” The firm also noted how its increased target multiple on the shares is backed by the 31% expansion in cybersecurity sector multiples over the past two months, as well as optimism in Crowdstrike’s “strong execution and broad platform tailored to the key IT consolidation trend.”

CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a leader in AI-driven endpoint and cloud workload protection.

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Disclosure: None. This article is originally published at Insider Monkey.