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CrowdStrike pops 12% on upbeat long-term guidance at investor day

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CrowdStrike logo is seen in this illustration taken July 29, 2024.

Dado Ruvic | Reuters

CrowdStrike shares popped more than 12%, a day after the cybersecurity firm issued better-than-expected long-term guidance at its investor day.

The company on Wednesday said it expects net new annual recurring revenues to grow at least 20% in 2027, ahead of analyst expectations. CrowdStrike plans for ARR to hit $10 billion by 2031 and then double to $20 billion by 2036.

Earlier this week, the firm said it was buying AI security platform Pangea and announced a partnership with Salesforce.

“CrowdStrike is by far the most advanced security platform in the industry, and the plethora of AI-based solutions announced today will further separate CrowdStrike from the competition,” wrote Wells Fargo analyst Andrew Nowinski in a note following the event.

Some Wall Street firms also boosted their price targets.