Truist Boosts CrowdStrike (CRWD) Price Target to $600, Reaffirms Buy Rating

Core Insights - CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is recognized as one of the 15 best long-term stocks to buy according to Reddit [1] - Truist has raised its price target for CrowdStrike from $550 to $600 while maintaining a Buy rating, indicating confidence in the company's upcoming third-quarter report [2] - The company reported a 21% year-over-year revenue growth to approximately $1.17 billion in its fiscal second quarter of 2026, slightly surpassing the 20% growth in the first quarter [3] Financial Performance - Subscription revenue increased by 20%, driven by customer adoption of new modules and increased spending on the Falcon platform [3] - Net new annual recurring revenue (ARR) reached a record $221 million, with total ARR climbing to $4.66 billion, reflecting a 20% growth from the previous year [3] - Free cash flow for the quarter was about $284 million, representing roughly 24% of revenue [4] Business Momentum - Demand for the AI-driven Falcon platform and Falcon Flex subscription option remains strong, contributing to an increase in large contracts [5] - The number of customers generating at least $1 million in annual recurring revenue has reached new highs, and deals worth more than $10 million have doubled compared to the previous year [5] Company Overview - CrowdStrike operates as a cybersecurity company focused on cloud-based endpoint protection, helping organizations prevent and detect threats such as ransomware and other cyberattacks [6]