(Bloomberg) — CrowdStrike Holdings Inc. surged to a fresh high Thursday after it reported third-quarter results that one analyst called “exceptional” as more people working from home boosted demand for cyber-security solutions.

The company, which provides platforms to prevent cyber attacks, rose as much as 17% to $165.75, the biggest intraday gain since March and the second record high it’s hit this week.

Read more: CrowdStrike Spikes to Record After Strong Results: Street Wrap

chart: Work from home boosts cyber security demand

© Bloomberg
Work from home boosts cyber security demand

“We thought it was an excellent report and we remain highly confident in CRWD’s long-term growth profile,” BTIG analyst Gray Powell wrote in a note, adding that the company should be able to maintain 40%-plus revenue growth over the next few years.

CrowdStrike boosted its adjusted earnings per share forecast for the full year and also raised its guidance for all metrics for the fourth quarter and fiscal 2021. Even the increased outlook should be “beatable,” said RBC analyst Matthew Hedberg.

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

Continue Reading

Source Article