CrowdStrike Stock Soars After Earnings: Is It Still a Buy?

Motley Fool2023-11-30

KEY POINTSCrowdStrike's Q3 sales and earnings results came in far better than the market had expected.Forward guidance suggests that strong performance will continue in the near term.On the heels of a...

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JQC
2023-11-30
JQC
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The company's share price closed out the daily trading session up 10.4%, according to data from S&P Global Market Intelligence.CrowdStrike reported strong Q3 results after the market closed on Tuesday, paving the way for the stock to see big gains in Wednesday's session. The cybersecurity specialist recorded non-GAAP (adjusted) earnings per share of $0.82 on revenue of $786 million -- a performance that came in far better than the average analyst estimate's target for per-share earnings of $0.74 on revenue of $777.4 million.CrowdStrike shines with Q3 wins and guidanceDespite some macroeconomic headwinds, CrowdStrike posted a very encouraging third-quarter performance. The strong results point to resilient demand in the cybersecurity space, even though many enterprises and large organizations are weighing the possibility of economic headwinds in the near term.CrowdStrike managed to grow sales by 34% year over year in Q3, and adjusted earnings per share soared 85% over last year's performance. Strong performance looks poised to continue in the near term.For the current quarter, CrowdStrike expects sales to come in between $836.6 million and $840 million. If the company were to hit the midpoint of that guidance range, it would see sales grow roughly 31.5% year over year in the fourth quarter of its current fiscal year.On the earnings front, CrowdStrike expects to post earnings between $0.81 per share and $0.82 per share -- suggesting growth of approximately 74% at the midpoint of the guidance range.CrowdStrike's long-term outlook is promisingWith its Q3 results and Q4 guidance, CrowdStrike delivered another meaningful demonstration of resilience. The company continues to be a clear-cut category leader in endpoint cybersecurity services and other cybersecurity solutions, and there's a good chance the company's long-term growth story is still in the early innings.For long-term investors looking for exposure to the cybersecurity space, CrowdStrike stock remains a worthwhile buy. Even with the stock enjoying a significant post-earnings pop today, there's still plenty of room for investors who take a buy-and-hold approach to see strong returns. 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