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Shares of CrowdStrike Holdings Inc (NASDAQ:CRWD) tanked in early trading on Tuesday.
While the company's underlying momentum and competitive positioning remain the same, its stock has "risen to the highest revenue multiple of any public software company above $75B in market cap," according to Piper Sandler.
The CrowdStrike Analyst: Rob Owens downgraded the rating for CrowdStrike from Overweight to Neutral, while keeping the price target unchanged at $400.
The CrowdStrike Thesis: The company has reached annual recurring revenues (ARR) of $3.6 billion and an estimated total revenue north of $4 billion for fiscal 2025, limiting upside, Owens said in the downgrade note.
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Any meaningful upside from here "will likely become more difficult as the law of large numbers should begin to weigh on overall growth rates for the security leader – which could cause returns to lag other names in the space," the analyst wrote.
"We remain excited about the second act for CRWD, as the company undeniably has a multitude of opportunities ahead with cloud, identity, logging / SIEM, and IT as its best of breed, cloud-native architecture truly differentiates the platform aspect of the story relative to competitors," he added.
"We are optimistic about the company longer term as well as the opportunity, just not the stock over our 12-month investment horizon," Owens further stated.
CRWD Price Action: Shares of CrowdStrike had declined by 6.80% to $25.76 at the time of publication on Monday.
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Posted In: CRWD
