5 Best Cybersecurity Stocks to Buy Now

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

Market cap as of August 15: $46.837 billion

CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a Texas-based cyber security company. In Q1 2022, 80 hedge funds held bullish positions in the company compared to 74 in the previous quarter. Tiger Global Management held the most prominent stake in the company, valued at $2 billion after a 17% increase in holdings from Q4 2021.

CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is one of the few companies that haven’t been affected by the pandemic. The company had a 64% YoY revenue growth in its last quarter and showed a 69% growth at the end of FY2022. In FQ1 FY2023, the company turned over dollar-based retention rates above 120% for the 16th consecutive quarter. The company will announce its FQ2 FY2023 results on August 30 and expects $516.8 million in revenues and $2.2 billion in revenues for FY2023.

On August 11. Guggenheim analyst John DiFucci initiated CrowdStrike Holdings, Inc. (NASDAQ:CRWD)’s coverage with a Buy rating and a $270 price target. The analyst believes that the company will be able to meet its short and mid-term targets even if the recession is prolonged. 

Here is what ClearBridge Investments had to say about CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its Q2 2022 investor letter:

“The severity of the current selloff, exacerbated by extreme negative investor sentiment, especially toward growth stocks, has compressed the multiples of a number of portfolio companies despite strong fundamentals and led us to add to several existing positions. One example is cybersecurity software provider, CrowdStrike (NASDAQ:CRWD), which continues to execute well against a robust demand environment for its endpoint security solutions with quarterly results and forward guidance outperforming expectations.”