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CrowdStrike Holdings Inc Class A CRWD

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Morningstar’s Analysis

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CrowdStrike Making Phenomenal Growth Seem Routine in Q2; Raising FVE to $200; Shares Overvalued

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

We are raising our fair value estimate for narrow-moat CrowdStrike Holdings to $200 per share from $175 after second-quarter results topped our lofty expectations that exceeded previous guidance. CrowdStrike breezing by high expectations is the norm, and our increase comes from anticipating a longer period of rapid growth even while amassing scale and expanding its margins. We believe CrowdStrike is an outsize beneficiary of a heightened threat environment driving organizations to update their endpoint and workload protection capabilities, as well as breach victims requiring professional assistance from its renowned services division. While we remain excited about CrowdStrike being in the early stages of disrupting the endpoint security and adjacent markets, its world-class retention metrics, and ability to lock customers into its ecosystem for the long-run, we still view shares overvalued.

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Company Profile

Business Description

CrowdStrike Holdings, Inc. is a cybersecurity vendor that specializes in endpoint protection, threat intelligence and hunting, attack remediation, and offers various solutions to supplement security and network operations teams. Its cloud-based architecture collects data across all its endpoint agents, analyzes the information within its cloud platform, and updates all of its customers' security posture. CrowdStrike sells packaged tiers of cybersecurity protection and offers individual security modules via its online marketplace. The company was founded in 2011, went public in 2019, and is based in California.

150 Mathilda Place, Suite 300
Sunnyvale, CA, 94086
T +1 888 512-8906
Sector Technology
Industry Software - Infrastructure
Most Recent Earnings Jul 31, 2021
Fiscal Year End Jan 31, 2021
Stock Type Speculative Growth
Employees 4,224