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CrowdStrike (CRWD) Falcon XDR to Improve HCLTech's MDR Solution

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CrowdStrike (CRWD - Free Report) recently announced that it has collaborated with HCLTech. Under the terms of the agreement, HCLTech will add Falcon extended detection and response (XDR) platform to its managed detection and response (MDR) solution. Falcon XDR will enable HCLTech to enhance its client services across device, identity, cloud, data and next-gen SIEM.

HCLTech’s MDR solution provides security against advanced threats across multiple vulnerability paths. CrowdStrike’s XDR platform will improve the MDR solution by simplifying the threat data collection from various security tools from the client’s tech stack, including endpoints, cloud workloads and network email. This will streamline investigation, threat hunting and response.

The solution will enable HCLTech to prevent sophisticated attacks, close the cybersecurity skill gap and reduce the risk of data breaches by supporting the existing managed services solution. Through this collaboration, the company's Falcon platform is poised to explore new markets and expand its customer base.

CrowdStrike Price and Consensus CrowdStrike Price and Consensus

CrowdStrike price-consensus-chart | CrowdStrike Quote

Rising Cybersecurity Concerns Boost CRWD's Growth

CrowdStrike’s business is boosted by the surge in hybrid work setups and bring-your-own-device culture, where users’ computers connect with the on-premise IT infrastructure of the corporations.

CRWD addresses the challenges emerging from these setups by securing endpoints. An increasing number of enterprises are placing greater emphasis on cybersecurity over time, thereby boosting CRWD's orders and top line.

The current cybersecurity space is experiencing an evolution of cybercrime behavior. Sophisticated attacks are being increasingly made, some of which are based on the breacher’s artificial intelligence capabilities.

A report by Statista reflects that the global cybersecurity market is expected to hit $183.1 billion in 2024 and $273.5 billion by 2028, witnessing a CAGR of 10.6%. This presents an opportunity for companies working in this space, including CRWD.

However, the company is dealing with increased competition in security applications and overspending in sales, marketing and research. These challenges are worsened by reduced IT spending due to economic conditions, which could harm its short-term outlook. Despite these difficulties, CrowdStrike's Falcon XDR platform and 10 other cloud modules provide a competitive edge in the market.

Zacks Rank and Stocks to Consider

Currently, CrowdStrike carries a Zacks Rank #3 (Hold). Shares of CRWD have skyrocketed 147.2% in the past year.

Some better-ranked stocks from the broader technology sector are BlackLine (BL - Free Report) , Arista Networks (ANET - Free Report) and Dell Technologies (DELL - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for BlackLine’s first-quarter 2024 earnings has remained unchanged at 47 cents per share for the past 90 days. Shares of BL have gained 0.8% in the past year.

The Zacks Consensus Estimate for Arista Network’s first-quarter 2024 earnings has been revised 4 cents northward to $1.71 per share in the past 60 days. Shares of ANET have rallied 81.9% in the past year.

The Zacks Consensus Estimate for DELL’s first-quarter 2024 earnings has been revised downward by 5 cents to $1.35 per share in the past seven days. Shares of DELL have skyrocketed 197.4% in the past year.

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