Crowdstrike (NASDAQ:CRWD) is in the new Monday as the company’s stock continues to rise, but what’s behind the movement?
Crowdstrike was the subject of a Zacks Equity Research report on Monday. This report weighs out the benefits of the stock a notes that it has a strong performance in 2020. CRWD is one of the few stocks that has been majorly benefitting from the novel coronavirus.
The positive momentum for CRWD stock comes ahead of the company’s earnings report for its fiscal first quarter of 2021. The company will be releasing this earnings report after markets closed on Tuesday.
Zacks has strong expectations from the cybersecurity company. It’s expecting it to report adjusted losses per share of -6 cents on revenue of $165.94 million. If Crowdstrike can achieve this, it would mean massive growth over its results from the same time last year.
The Crowdstrike news continues with Real Money also having high expectations for CRWD stock. That includes it assigning a price target of $91 per share to the stock in April. The stock is now trading above that price target at around $95 per share as of Monday afternoon.
Real Money also points out that Jim Cramer continues to be a supporter of CRWD stock. Here’s what he said about it in early May.
“This is the best cybersecurity stock for our work at home economy.”
CRWD stock was up 8.3% as of Monday afternoon and is up 77.6% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.