CrowdStrike (CRWD) Raises Price Target to $238 After Q2 Earnings

Morgan Stanley raised CrowdStrike's (CRWD) price target from $227 to $238 after examining the company's Q2 earnings. The report showed record net new annual recurring revenue (ARR) of $333 million, a 51% increase year-over-year, which exceeded expectations by 17%. Total ARR reached $5.84 billion, growing 25.4% year-over-year. Revenue was $1.47 billion, up 26% year-over-year, which was about 2% above consensus. This matters for investors as it suggests strong demand for CrowdStrike's cybersecurity solutions amid increasing threats.