Circle Wealth Management LLC Increases Holdings in CrowdStrike: A Closer Look
As of its most recent SEC filing, Circle Wealth Management LLC has added a whopping 36.5% to its holdings in CrowdStrike Holdings, Inc. (NASDAQ:CRWD), acquiring an additional 10,659 shares during the fourth quarter. The fund now owns a total of 39,854 shares of the cybersecurity company’s stock with a market value of $4,196,000.
This acquisition has placed CrowdStrike as the 25th most substantial stock position in Circle Wealth Management LLC’s holdings, accounting for approximately 0.6%. But why are investors taking notice and increasing their positions in this tech company?
CrowdStrike was founded in 2011 by George Kurtz and Dmitri Alperovitch. The company specializes in cybersecurity products and services that help stop data breaches across cloud workloads, endpoints, threat intelligence, identity and data management systems. It also offers managed security services and IT operations management solutions.
On March 7th of this year, CrowdStrike announced its quarterly earnings results reporting -0.17 earnings per share (EPS). While this fell short of analyst expectations by $0.01 EPS, revenue for the quarter came in at $637.37 million which beat estimates by over $12 million.
Cybersecurity threats pose a significant challenge globally, particularly given the current technological landscape where digitization is accelerating at an unprecedented rate. With cyber attacks only intensifying as more businesses move online or adopt cloud-based models due to COVID-19 remote working arrangements across many industries have led to an uptick in breaches requiring new approaches to protect valuable corporate resources.
CrowdStrike’s innovations have been well-received by institutional investors who are seeing increased demand for technology companies like this one that provide robust security products guaranteeing end-user safety from malicious attacks.
In summary, Circle Wealth Management LLC’s recent addition to its holdings in CrowdStrike is a testament to the company’s potential for growth and increased profitability despite the unexpected setbacks in earnings this year. As more businesses continue to operate virtually, cybersecurity will an even greater priority driving demand for cutting-edge technology that safeguard valuable corporate information from threat vectors both old and new.
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CrowdStrike Emerges as a Major Player in the Cloud-Delivered Cybersecurity Market, Attracting the Attention of Institutional Investors.
Cybersecurity is one of the most critical components of modern-day businesses, and CrowdStrike Holdings Inc. has emerged as a major player in this space. The company provides cloud-delivered cybersecurity products and services to stop breaches across endpoints, cloud workloads, identity and data, and threat intelligence. Institutional investors have evidently recognized its potential, as hedge funds and other investment firms have recently bought shares worth millions of dollars.
Fairfield Bush & CO. purchased a new position in CrowdStrike during the first quarter valued at approximately $654,000. MetLife Investment Management LLC also bought shares of the company worth $2,930,000 during the same period. Yousif Capital Management LLC increased its share in CrowdStrike by 4.3% valued at $666,000 after purchasing an additional 120 shares during the first quarter.
Raymond James Trust N.A raised its stake by 37.3% in the same period buying additional 769 shares at a cost of $643,000. Finally, Synovus Financial Corp lifted its holdings in shares of CrowdStrike by 14.4% purchasing an additional 369 shares during the first quarter for an estimated sum of $658,0000. These institutional investors together now own approximately 65% of CrowdStrike’s stock.
CrowdStrike’s trading volume on Friday was 4,826,960 compared to its average volume of 4,823,932 with CRWD trading down $2.24 reaching $155.31 per share at closing time on June 3rd.
Recent insider activity showed that CEO George Kurtz sold a significant number of shares worth around $7 million while President Michael Sentonas sold over seven thousand stocks with a value exceeding one million dollars at an average price point just below Kurtz’s.
Several research firms have also shown confidence in CrowdStrike’s potential by giving it “buy” ratings or increasing target prices for its stock. Notably, BTIG Research raised CrowdStrike’s target price from $163.00 to $188.00 in a report earlier this year, which indicates that the company is generating interest and earning investors’ trust.
The robustness of its offerings and substantial investment make CrowdStrike one to watch closely over the coming months. It has done impressively over the past year with a 52-week low of $92.25 and a 52-week high of $205.73, offering a ROI to shareholders for their dollar if they sell during this time span. Given its potential, CrowdStrike seems well-positioned to capitalize on the ever-growing importance of cybersecurity in today’s world and may prove to be a valuable addition to investors’ portfolios in the future.
