DAVIS CARY sold $7.4M of CRWD

CrowdStrike Holdings (CRWD) rose 4.57% after Needham's Mike Cikos raised his price target to $310 from $250, citing the company's Falcon Flex service and adjusted free cash flow estimates. Cikos maintained a buy rating, highlighting Flex's flexibility and value addition to the platform.

CrowdStrike warned shareholders about a mini-tender offer from Tutanota, noting it may extend beyond the Oct. 19 deadline until the stock trades above $260. The company stated it is not associated with Tutanota and shareholders can withdraw their shares before the offer expires. CrowdStrike highlighted potential risks, including uncertain timing and possible discounts.

CrowdStrike (CRWD) received a mini-tender offer from Tutanota LLC to buy 500,000 shares at $260.00 each, below market price. The offer is conditional on CRWD's stock closing above $260.00. CrowdStrike advises shareholders to reject the offer, citing risks and lack of SEC protections. Tutanota has made similar offers before. CrowdStrike is not affiliated with Tutanota.

Zscaler (ZS) shares rose 6% to $230.74 after reaffirming its full-year revenue outlook of $3.91B-$3.94B and announcing a security partnership with IBM (IBM) and Red Hat. Palo Alto Networks (PANW) and CrowdStrike (CRWD) also gained 4%. The First Trust NASDAQ Cybersecurity ETF (CIBR) rose 3%, outperforming the S&P 500.

CrowdStrike's stock rose 2.6% after Needham increased its price target to $310. The move follows attention to its Flex subscription model, which Needham estimates lifts annual recurring revenue by 40%. CrowdStrike reported a 25% increase in annual recurring revenue to $5.84 billion in Q2.

CrowdStrike (CRWD) shares rose 2% in pre-market trade after Needham raised its price target to $310, citing growth from the company's Flex subscription model. Needham noted that Flex increases annual recurring revenue by 40% on average and drives further expansion. CRWD stock has surged 124% this year, with other firms also raising price targets.