Why CrowdStrike Holdings Stock Tumbled Nearly 20% in May
Shares of CrowdStrike Holdings (NASDAQ: CRWD) slumped 19.5% in May, according to data provided by S&P Global Market Intelligence. Weighing on the cloud-based cybersecurity stock were a slew of analyst price target reductions.
Several analysts slashed their price targets on CrowdStrike last month due to the sell-off in the software space and over concerns of a potential slowdown in the economy. Mizuho analyst Gregg Moskowitz reduced his price target from $270 to $220 a share while maintaining his buy rating. Moskowitz cut his target to reflect the increasing uncertainty in the macroeconomic environment. However, he noted that overall demand for software remains good, especially for security products.
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Source Fool.com