CrowdStrike Showing Strength
CrowdStrike was a big winner in 2020, and it looks like it may be setting up once again for a strong move higher. The world was forever altered by COVID-19, and I believe one of the lasting changes may be a continuing trend towards working from home. For many companies, allowing employees to work remotely frees up both time and money. However, if that movement continues there will be a growing need to make sure devices are protected from hackers and other online threats. That's where CrowdStrike comes in. They offer products to help defend users from identify theft, cloud protection, security assessments, and more. This is a must in our modern world as neglecting to keep data safe and secure can lead to unimaginable losses.
CrowdStrike ($CRWD) has been on an absolute earnings tear, producing five consecutive quarters of triple-digit earnings. These results have certainty been noticed by large funds and institutions as the number of funds owning CrowdStrike has grown more than 10% in the last quarter. In addition, sales have continued to steadily grow over the past two years, and CRWD is estimated to produce strong annual earnings in both 2022 and 2023.
It is also important to note that rival Fortinent ($FTNT) has been a monster in 2021, rallying from $160 to $230 since February. While I missed this one and do not own FTNT, it helps lead me to believe that CrowdStrike is in an industry where big money is flowing in.
It does concern me that CRWD is currently in a third-stage base as stocks are much riskier to buy after they become a bit more obvious. However, because CrowdStrike has such strong fundamental and technical action, I felt a buy was warranted. Let's hope history repeats itself and CRWD has a stellar 2021 just as it did in 2020.
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Full Disclosure: I currently own CRWD.
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