Why CrowdStrike Stock Is Tumbling Today

CrowdStrike Holdings Inc CRWD shares are trading lower Thursday following a downgrade from Jefferies.

What Happened: Jefferies downgraded CrowdStrike from Buy to Hold and lowered the price target from $175 to $120, citing moderated growth ahead of the company.

CrowdStrike has a long runway ahead as its customer base is much smaller than some of its competitors, but new customers might be harder to come by in 2023 given the tougher operating environment, Jefferies said. 

The analyst firm still expects CrowdStrike to continue to take share, but this year is expected to be "incrementally more difficult," Jefferies said.

Piper Sandler also cut its price target on CrowdStrike from $175 to $170 Thursday morning, but the firm maintained an Overweight rating on the cybersecurity stock.

CrowdStrike provides cybersecurity products and services aimed at protecting organizations from cyberthreats.

See Also: Benzinga's Top Ratings Upgrades, Downgrades For January 5, 2023

CRWD Price Action: CrowdStrike has a 52-week high of $242 and a 52-week low of $94.63.

The stock was down 7.57% at $96.46 at time of publication, according to Benzinga Pro.

Photo: vicky gharat from Pixabay.

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