Is CrowdStrike's Surge A Sign Of Cybersecurity Revival?
CrowdStrike Holdings Inc. (NASDAQ: CRWD) is within striking distance of the stocks best levels since November.
Is the stock ready to stage a new rally after lagging the S&P 500 tech sector on a one-month and three-month basis, and is CrowdStrikes uptick a good omen for other cybersecurity stocks?
CrowdStrike gapped up 9.28% on August 31 in four times the average turnover after reporting better-than-expected quarterly results.
Earnings of 74 cents a share far exceeded views of 56 cents a share. That was a year-over-year gain of 106%. Revenue increased by 37% to $731.6 million, ahead of expectations for $724 million.
CrowdStrike stock had a spectacular run in 2020 and 2021 but then, like other techs, wiped out a good portion of those gains in 2022.
Bouncing Back In 2023
This year, CrowdStrike shares are up 53.13%.
CrowdStrike went public in 2019, just in time to participate in the big pandemic-rea work-from-home-and-shop-from-home tech rally. It specializes in endpoint security and threat intelligence. Endpoint security safeguards devices from cybersecurity threats like malware and data breaches.