The 5 Stocks Billionaire Louis Bacon Can’t Stop Buying

3. CrowdStrike Holdings Inc (NASDAQ:CRWD)

Value of Moore Capital Management‘s 13F Position: $56.1 million

Number of Hedge Fund Shareholders: 80

Louis Bacon has been a shareholder of CrowdStrike Holdings Inc (NASDAQ:CRWD) since mid-2020, but the billionaire money manager took his investment in the cybersecurity company to a new level in the first quarter of 2022, increasing his stake by 646% to 246,903 shares. CrowdStrike further gained in hedge fund popularity in Q1 as it closes in on becoming one of the 30 Most Popular Stocks Among Hedge Funds.

CrowdStrike Holdings Inc (NASDAQ:CRWD) is bullish on its market opportunity, anticipating its total addressable market will top $100 billion by 2025. Cybersecurity spending certainly appears to be under no threat given cyberattacks were ranked as the top concern among CEOs surveyed by PwC, even more so than inflation or a potential recession.

CrowdStrike has had no trouble attracting new customers, growing that mark by 65% to 16,325 in its fiscal 2022 year. It’s also retaining those customers and growing the revenue they generate at impressive rates (98% and over 120% respectively).

The Carillon Eagle Mid Cap Growth Fund likes CrowdStrike Holdings Inc (NASDAQ:CRWD)’s prospects in a hostile global environment, discussing the company in its Q1 2022 investor letter:

“CrowdStrike (NASDAQ:CRWD), a security software platform designed to protect information technology assets and cloud workloads, delivered strong earnings results with solid recurring revenue, customer growth, and profitability. We expect strong demand to continue, largely in part due to the elevated cyber security threat environment as Russia may seek to attack governments and enterprises in retaliation for economic sanctions imposed in response to its attack on Ukraine.”