10 Best SaaS Stocks To Buy Now

7. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)

Number of Hedge Fund Investors In Q1 2024: 76

YTD Return: 51%

CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a cybersecurity SaaS company that allows businesses to manage and monitor their platforms for threats. June 2024 has been an important month for the SaaS stock since it is slated to be included in the illustrious S&P 500 index. The shares jumped by 9.6% when the news hit the wires, and it came after a strong earnings report. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)’s latest earnings saw it report $921 million in revenue and $0.93 in adjusted earnings per share. Not only did the revenue mark a 33% annual growth, but it also saw CrowdStrike Holdings, Inc. (NASDAQ:CRWD) beat revenue and EPS estimates of $905 million and $0.89, respectively. Following the report, FBN Securities raised the share price target to $400 from $390 and maintained an Outperform rating on the stock.

The average of 45 one year analyst share price targets for CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is $399.69. This marks a modest 3.6% upside over the recent closing price of $385.44. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)’s three year annualized revenue growth rate is a strong 51.75%. Carillon Tower Advisors mentioned the firm in its Q1 2024 investor letter. Here is what the firm said:

CrowdStrike Holdings, a security software provider, reported strong earnings results, driven by strength in endpoint security, cloud security, and identity protection. Revenue growth and profitability metrics exceeded investor expectations for the quarter, and the forward guidance was ahead of expectations as well. The cyber threat environment remains elevated, and it is likely that the rise of artificial intelligence will make it easier for criminals and threat actors to design and launch sophisticated attacks, increasing the need for CrowdStrike.