- Stephens analyst Brian Colley initiated coverage on five security software companies. Colley initiated CrowdStrike Holdings, Inc CRWD with an Overweight and a $232 price target (47.4% upside).
- Colley saw the comprehensive and expanding product offering opening a large growing TAM with meaningful upsell/cross-sell opportunities.
- He saw a sizable underpenetrated opportunity in the cloud security market.
- Colley initiated CyberArk Software Ltd CYBR with an Overweight and a $170 price target (22.7% upside).
- CyberArk was positioned to serve as a broader identity security platform whose subscription transition is complete, with sales growth and profitability poised to accelerate in 2023.
- Colley initiated KnowBe4, Inc KNBE with an Overweight and $25 price target (49.7% upside).
- Colley is optimistic about KnowBe4's "sizable and expanding" total addressable market, its underpenetrated market opportunity, and its multiple growth drivers.
- Colley initiated Okta, Inc OKTA with an Overweight and $145 price target (75.1% upside).
- Colley is optimistic about the company building the most comprehensive identity platform on the market and expects it to be a key beneficiary of cloud and Zero Trust adoption.
- Colley initiated coverage of Zscaler, Inc ZS with an Overweight and $200 price target (38.9% upside), calling it "a leader in Cloud Security and Zero Trust with a distinct architecture and unmatched scale."
- Price Action: CRWD shares traded higher by 8.01% at $158.26 on the last check Thursday.
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