Piper Sandler downgrades CrowdStrike to 'neutral'; shares down

Shares of cybersecurity company CrowdStrike CRWD.O down ~1.7% at $505.46 in premarket trading

Piper Sandler downgrades stock to "neutral" from "overweight"

Brokerage cites slowing in core areas like endpoint, federal uncertainty, recent layoffs, investigations into Carahsoft contracts as asymmetric risk for co

"While our overall disposition towards the company and its longer-term opportunity as a security / IT consolidator remains favorable, we do not believe investors should be adding shares at this time as upside could be limited over the short-to-medium term" - Piper Sandler

Avg rating of 54 analysts is "hold"; median PT $495 - data compiled by LSEG

As of last close, CRWD stock is up ~50% YTD