07 Mar Analysts Race To Reset CrowdStrike Price Targets After Earnings Surprise
This week in cybersecurity from the editors at Cybercrime Magazine
– Read the Full Story in TheStreet
Sausalito, Calif. – Mar. 7, 2024
TheStreet reports that CrowdStrike (NASDAQ: CRWD) shares soared on Mar. 6 trading as analysts rushed to revamp their ratings and price targets on the cybersecurity group after it reported stronger-than-expected fourth-quarter earnings.
CrowdStrike’s earnings, posted late Mar. 5, were set to provide a key insight into the cybersecurity space following disappointing updates from rivals Palo Alto Networks (NASDAQ: PANW) and Zscaler (NASDAQ: ZS) over the past two weeks.
Palo Alto Networks, in fact, had cautioned that companies were indicating a certain level of “fatigue” about cybersecurity spending, even as the threat of attack, powered in part by advances in AI technologies, accelerates.
Cybersecurity Ventures has estimated the cyberattacks ripped out around $8 trillion from the global economy last year, and it expects that figure to rise to $10.5 trillion by 2025.
“The cloud is today’s battleground for cyberattacks,” he added. “[Generative] AI puts advanced cybercrime tradecraft in the hands of attackers of all skill levels (and) will dramatically grow the adversary population.”
Against that backdrop, CrowdStrike sees 2024 revenue rising firmly into next year.
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