Shares of cybersecurity firm CrowdStrike Holdings (CRWD) are up 13% after the company issued quarterly earnings that beat Wall Street estimates.
CrowdStrike reported fourth quarter earnings per share (EPS) of $0.30 U.S., beating the consensus estimate of $0.20 U.S. a share. That compares to EPS of $0.13 U.S. a year ago. The quarterly results represent an earnings beat to the upside of 50%.
CrowdStrike posted Q4 revenues of $431.01 million U.S., which is up substantially from revenues of $264.93 million U.S. a year earlier.
Today’s gains come after CrowdStrike shares declined 23% since the beginning of the year versus the S&P 500’s decline of 12.5%.
The earnings beat has led analysts to revise up their projections and ratings on CrowdStrike’s stock. BTIG moved its rating on the stock to “buy” from “neutral” and set a $257 U.S. price target, which is 51% higher than CrowdStrike’s closing price yesterday (March 9) of $169.79.