BUZZ-CrowdStrike dips on bleak revenue forecast, brokerages slash PTs

Reuters

Mar 05

BUZZ-CrowdStrike dips on bleak revenue forecast, brokerages slash PTs

** Cybersecurity firm CrowdStrike's CRWD.O shares down 8.09% at $358.58 in premarket trading

** Co forecast first-quarter revenue slightly below estimates, as it grapples with weak spending on its cybersecurity products

** Brokerage Bernstein says CRWD's short-term cash flow is taking a hit, with one-time sales compensation and costs related to last year's outage

** The July 19 Windows outage was a result of CRWD's faulty software update that disrupted internet services globally and impacted operations at airports, airlines, banks and media outlets

** Co is ending the "customer commitment package program" it launched last summer to help retain clients who were hit by the outage, CEO George Kurtz said on a post-earnings call on Tuesday

** At least three brokerages cut price targets on the stock following quarterly results

** 39 of 51 brokerages rate the stock "buy" or higher, 11 "hold" and 1 "sell"; their median PT is $410.76 - LSEG

** Stock up ~14% so far this year

(Reporting by Joel Jose in Bengaluru)

((joeljose@thomsonreuters.com))

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