It's time to take a step back from CrowdStrike Holdings after the cybersecurity company's latest earnings report, according to Stifel.
Analyst Brad R. Reback downgraded the cybersecurity stock to hold from buy, saying that the company's latest quarterly results showed CrowdStrike was hurt by a challenging macro backdrop. The analyst also cut his estimates and slashed his price target on the stock. CrowdStrike surpassed earnings and revenue expectations, posting adjusted earnings per share of 40 cents on $581 million in revenue.
Shares of CrowdStrike are down roughly 19% in Wednesday premarket trading. "While management previously warned investors that the strong Q/Q [net new annual recurring revenue] seasonality in 2H would be less pronounced, the magnitude of the 3Q ARR miss and management's forward looking commentary , was clearly much worse than anticipated," Reback wrote in a Tuesday note.
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