Crowdstrike price target lowered to $385 from $390 at Wedbush

Wedbush analyst Taz Koujalgi lowered the firm’s price target on Crowdstrike to $385 from $390 and keeps an Outperform rating on the shares. The firm notes CrowdStrike reported a good quarter coming in ahead of Street estimates and guide for both top and bottom line. Revenues and Net new ARR also came in above Street expectations and the company raised the full-year revenue guidance by slightly more than their beat during the quarter. When comparing the momentum in the quarter with last quarter, it appears momentum was a bit more modest, Wedbush argues. But, against the backdrop of macro/demand trends being challenging and mixed results from other Software/Security companies this earnings season, Crowdstrike delivered a “clean” beat and raise vs. its guide and Street expectations, the firm adds.