CrowdStrike Continues Its Impressive Growth Streak in Q1; Shares Undervalued to Our $225 FVE

We are maintaining our $225 fair value estimate for narrow-moat CrowdStrike after its first quarter results breezed by our expectations for revenue growth and adjusted earnings. We think that CrowdStrike shares, which dropped slightly after the print, offer an attractive investment opportunity. While we think there are no shortage of growth prospects with its leadership position in endpoint security and incident remediation services, CrowdStrike is wisely expanding its addressable market within areas of IT management. We believe customers will continue to rapidly adopt CrowdStrike's endpoint security platform to alleviate security complexity, while CrowdStrike benefits from locking customer into its ecosystem in the longer-term.