What happened

Shares of CrowdStrike (NASDAQ:CRWD) rose 23.8% in November, according to data from S&P Global Market Intelligence. The cybersecurity stock climbed thanks to strong momentum for the broader market and a positive coverage from analysts. 

^SPX Chart

^SPX data by YCharts

Last month marked the best November on record for the S&P 500 index, and top cloud software stocks were among the market's best performers. There wasn't much in the way of business-specific news for CrowdStrike last month, but the tech stock did receive upgrades and price target hikes from analysts, and strong momentum for the broader market helped shares close out the month with double-digit gains. 

A cloud icon on a circuit board.

Image source: Getty Images.

So what

Baird analyst Jonathan Ruykhaver published a note on CrowdStrike stock on Nov. 11, upgrading his rating on the stock from neutral to outperform, and raising his one-year price target on the stock from $150 to $155 per share. Barclays' Saket Kalia then published a note on the stock on Nov. 30, maintaining an overweight rating and raising the firm's price target from $150 to $170 per share.  

Now what

CrowdStrike stock has continued to climb in December's trading. The company's share price has gained roughly 20% in the month as of this writing. 

CRWD Chart

CRWD data by YCharts

CrowdStrike published third-quarter results on Dec. 2, delivering results that came in significantly ahead of the market's expectations. The company posted non-GAAP (adjusted) earnings of $0.08 per share on revenue of $232.5 million, while the average analyst estimate had called for a break-even quarter on sales of $212.6 million.  

CrowdStrike is guiding for adjusted fourth-quarter earnings to come in between $0.08 and $0.09 per share. Sales for the period are projected to be between $245.5 million and $250.5 million, representing growth of 63% year over year at the midpoint of the target.

The cybersecurity specialist's stock has exploded this year, but it looks primed to benefit from rising demand for its endpoint protection services over the long term. The company has a leadership position in its corner of the cybersecurity market, and the need for software that can keep networked devices safe from cyber attacks will likely only increase as more business takes place through digital channels. Tech trends including the Internet of Things will also likely lead to a dramatic rise in the total number of connected devices. 

CrowdStrike has a market capitalization of roughly $39.5 billion and is valued at approximately 46 times this year's expected sales.