F1Q27 Preview: Strong Checks and Pipeline Point to Continued Platform Momentum

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F1Q27 Preview: Strong Checks and Pipeline Point to Continued Platform Momentum

Security & Infrastructure Software

CrowdStrike Holdings, Inc. (CRWD)

EQUITY RESEARCH Company Update

May 20, 2026

F1Q27 Preview: Strong Checks and Pipeline Point to Price: $618.83

Price Target: $700.00 (From Continued Platform Momentum

$550.00)

Rating: Overweight Investment Summary. Our investment stance remains unchanged

heading into F1Q27 earnings supported by improved checks, ongoing

Key Statistics: momentum in platform consolidation, and core EDR acceleration. 1Q27 Symbol NSQ: CRWD

checks were quite strong, with 57% of channel partner respondents 52-Week Range 342.72 - 621.05

Market Cap 157,542.1 (N=28) reporting results ahead of plan, up from 32% last quarter. Partners

ADV (3 mo) 3,988,505 highlighted continued momentum in endpoint, citing ongoing share gains

EV ($M) 86,096 versus competitors, and pointed to solid performance across emerging

Shares Out (M) 254.6 products.

Research Analysts: For the quarter, we believe a strong beat is built into the current valuation,

Jonathan Ruykhaver, CFA and think we'd need an $6-8M beat + raise to see shares maintain levels.

617-443-4473 A modest beat with no raise would introduce doubt about 2H momentum,

Jonathan.Ruykhaver@cantor.com but the record pipeline (+49% y/y) and partner survey (57% above plan)

Ben Mitchell

212-428-5917 both point to upside. We are also focused on management commentary

Ben.Mitchell@cantor.com around the durability of its moat in an AI-driven environment. We view

CrowdStrike’s proprietary security datasets, domain expertise, and Project

REV ($M) QuiltWorks innovation, which positions the firm as a coordination layer

FYE Jan 2026A 2027E 2028E between frontier AI labs and enterprise remediation, as key differentiators.