CrowdStrike dips on bleak revenue forecast, brokerages slash PTs
Cybersecurity firm CrowdStrike's CRWD.O shares down 8.09% at $358.58 in premarket trading
Co forecast first-quarter revenue slightly below estimates, as it grapples with weak spending on its cybersecurity products
Brokerage Bernstein says CRWD's short-term cash flow is taking a hit, with one-time sales compensation and costs related to last year's outage
The July 19 Windows outage was a result of CRWD's faulty software update that disrupted internet services globally and impacted operations at airports, airlines, banks and media outlets
Co is ending the "customer commitment package program" it launched last summer to help retain clients who were hit by the outage, CEO George Kurtz said on a post-earnings call on Tuesday
At least three brokerages cut price targets on the stock following quarterly results
39 of 51 brokerages rate the stock "buy" or higher, 11 "hold" and 1 "sell"; their median PT is $410.76 - LSEG
Stock up ~14% so far this year
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