5 Best Fast Growth Stocks to Buy Now

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

Number of Hedge Fund Holders: 69

CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a global cybersecurity leader with an advanced cloud-native platform for protecting endpoints, cloud workloads, identities, and data. Its offerings include corporate endpoint security, security and IT operations, managed security services, observability, cloud security, identity protection, threat intelligence, data protection and cybersecurity generative AI.

On December 21, Needham analyst Alex Henderson raised the price target for CrowdStrike Holdings, Inc. (NASDAQ:CRWD) shares from $250 to $325 and maintained a ‘Buy’ rating for its shares. The target price raise follows a strong quarterly performance which included a 35% y-o-y increase in revenue to reach $786.0 million.

As of Q3 2023, 69 hedge funds owned shares of CrowdStrike Holdings, Inc. (NASDAQ:CRWD), valued at a whopping $1.3 billion. Jim Simons’ Renaissance Technologies owns 1.7 million shares of the company, valued at $279 million.

Baron Funds, an investment management company, made the following comments about CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its “Baron Technology Fund” Q3 2023 investor letter:

“CrowdStrike Holdings, Inc. is a native-cloud cybersecurity vendor. Shares performed well on results that beat expectations, with annual recurring revenue (ARR), total revenue, and cash flow all coming in ahead of investor estimates. The company also increased its guidance for the year, calling for a strong second half of 2023. CrowdStrike disclosed ARR levels for its top set of new products focused on cloud security, identity protection, and next-generation security information event management. Together these three product areas comprise over $500 million in ARR, with revenue more than doubling year-over-year. We believe CrowdStrike is innovating at a rapid pace and enabling customers to expand and consolidate spending easily from other point-solution providers onto the CrowdStrike platform. In our view, CrowdStrike is on track to becoming one of the preeminent cloud security platforms.”