Why CrowdStrike Is Trading Higher Today

CrowdStrike Holdings Inc CRWD is trading higher Monday after positive reports about the software as a service (SaaS) markets were released.

What Happened: A report from Statista said the SaaS market is estimated to be worth about $123 billion in 2021. 

"The overall SaaS market is expected to continue growing as organizations around the world adopt SaaS solutions for a variety of business functions," the Statista report stated. 

Another report from Reports Valuates said that the global SaaS market size is projected to reach $307.3 billion by 2026.

Recent Earnings: On June 3, CrowdStrike reported first-quarter earnings of 10 cents per share, which beat the estimate of 6 cents per share. The cybersecurity company reported quarterly revenue of $302.8 million, which beat the estimate of $291.46 million. 

Related Link: Recap: CrowdStrike Holdings Q1 Earnings

Price Action: CrowdStrike has traded as high as $251.28 and as low as $88.87 over a 52-week period.

At last check Monday, the stock was up 4.37% at $215.97.

Image by Tumisu from Pixabay.