Shares of cybersecurity company CrowdStrike Holdings Inc.
are off almost 4% in premarket trading Friday after Goldman Sachs analyst Heather Bellini downgraded the stock to sell from neutral, writing that while endpoint security solutions are still a top priority for chief information officers, CrowdStrike’s ability to pick up market share is “well understood” at this point while expectations remain “elevated” for the company. “The stock has gained 85% since its June IPO vs. the S&P 500
at 1% over the same time period, and while we continue to see room for considerable revenue outperformance, we believe the shares are factoring in this outcome,” she said. Bellini cut her target price on CrowdStrike’s stock to $66 from $83, while she also turned positive on shares of Workday Inc.
in her broader note on the software landscape. CrowdStrike’s stock has fallen 13% over the past three months, while the S&P 500
has dropped about 2%.
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