Associated Banc Corp has entered the cybersecurity market by acquiring a new stake in CrowdStrike (NASDAQ: CRWD) during the second quarter of 2023. According to the latest disclosure with the Securities and Exchange Commission, the institutional investor purchased 394 shares valued at approximately $201,000. This investment reflects a growing interest in CrowdStrike’s innovative cybersecurity solutions.
Several other hedge funds have also adjusted their positions in CrowdStrike. Vision Financial Markets LLC acquired a new stake valued at around $26,000 in the first quarter. Similarly, AlphaQuest LLC and Financial Gravity Companies Inc. made their entries during the second quarter, with investments of approximately $26,000 and $33,000, respectively. Additionally, the Saudi Central Bank purchased shares worth about $34,000 in the first quarter. Notably, Financial Management Professionals Inc. increased its holdings in CrowdStrike by 91.9%, bringing their ownership to 71 shares valued at $36,000.
Institutional Ownership and Analyst Ratings
Institutional investors and hedge funds now control approximately 71.16% of CrowdStrike’s stock. Analysts have been actively revising their outlooks on the company. Recently, Sanford C. Bernstein reduced its target price for CrowdStrike from $371.00 to $343.00, maintaining a “market perform” rating. In contrast, Oppenheimer raised its price objective from $560.00 to $580.00, giving the company an “outperform” rating.
Other firms have also adjusted their price targets. Bank of America increased its target from $470.00 to $535.00, while Stifel Nicolaus boosted their estimate from $515.00 to $600.00. BTIG Research raised its target from $489.00 to $640.00. Overall, CrowdStrike has received a mix of ratings, including one “Strong Buy,” twenty-nine “Buy,” sixteen “Hold,” and two “Sell” ratings, leading to an average rating of “Moderate Buy” with a consensus price target of $543.75, according to data from MarketBeat.com.
Market Performance and Insider Trading
On Thursday, CrowdStrike shares opened at $501.54. The stock has experienced a fifty-two-week low of $298.00 and a high of $566.90. The company’s fifty-day moving average is $511.66, while the two-hundred-day moving average stands at $476.13. CrowdStrike has a market capitalization of $125.87 billion, with a P/E ratio of -421.46 and a beta of 1.16.
During the most recent earnings report on August 27, 2023, CrowdStrike announced earnings per share (EPS) of $0.93, surpassing analysts’ expectations of $0.83 by $0.10. The company reported revenue of $1.17 billion, exceeding the consensus estimate of $1.15 billion. This revenue represents a 21.4% increase compared to the same quarter the previous year.
In terms of insider activity, Burt W. Podbere, the Chief Financial Officer, sold 1,957 shares on November 3, 2023, at an average price of $550.41, totaling approximately $1,077,152.37. Following this transaction, Podbere retains 218,467 shares valued at around $120.25 million. Meanwhile, Sameer K. Gandhi, a Director, sold 5,000 shares on the same date for a total of $2,751,000.00. Insider selling has totaled 116,622 shares valued at nearly $58.56 million over the last ninety days, with corporate insiders owning 3.32% of the stock.
CrowdStrike Holdings, Inc. is known for providing comprehensive cybersecurity solutions both in the United States and globally. Its unified platform delivers cloud-based protection for endpoints, cloud workloads, identity, and data, making it a critical player in the cybersecurity landscape.
