Overview

• Citing a model clean-up, Stephens raised CrowdStrike’s price target to $590 from $525 and reiterated Overweight, applying a 23x EV multiple to its FY27 ARR estimate.
• The broker modeled ARR-to-revenue conversion headwinds, trimming F3Q26 revenue, lifting F4Q26 slightly, leaving FY26 revenue unchanged, and modestly reducing FY27 revenue, non-GAAP EPS, and FCF.
• Shares recently traded near $509 with a market value around $127 billion after a roughly 12% one-month rise following the mid-September investor day.
• Management’s long-term guide calls for at least 20% net-new ARR growth in FY2027 and a path to $10 billion in ARR by FY2031.
• Recent analysis highlights rapid growth and balance-sheet strength—TTM revenue up 23% to about $4.3 billion, roughly $5.0 billion in cash versus $811 million in debt—alongside weak trailing profitability and a richly valued stock.