After a devastating year, CrowdStrike Holdings (CRWD) is seeing signs of life.
For one, even though recent earnings weren’t up to par, Morgan Stanley analysts say the pull back is a buy opportunity. “With forward estimates appropriately level set, we think this pullback provides an attractive entry point to accumulate shares in a premier SaaS security franchise,” said the firm, as quoted by CNBC.
Also, analysts over at Daiwa Capital upgraded CRWD to a buy rating with a price target of $181 a share. And, Wedbush Securities just initiated coverage of the stock with an outperform rating, with a price target of $135 a share. Two, company director, Roxanne Austin just bought $2.5 million for 25,000 shares of CRWD between December 27 and 28.
Three, there’s a growing need for better cybersecurity. In fact, consider this.
In 2023, experts warn we could see a sharp rise in attacks. “According to an analysis by Cybersecurity Venture, the global annual cost of cybercrime could top $8 trillion in 2023,” as noted by Fox News. “That number could even underestimate the problem, according to numbers from Security Intelligence, who estimated that U.S.-based financial institutions alone lost close to $1.2 billion in ransomware attacks in 2021, an almost 200% increase over the previous year. If that rate increases at the same pace, global losses from cybercrime could be as high as $16 trillion in 2023.”
Also, Twitter was hacked in late December, with more than 400 million accounts affected.
In short, don’t write off beaten-down cyber stocks, like CRWD.
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