What happened

Shares of CrowdStrike (NASDAQ:CRWD) rallied to all-time highs today, up by 8% as of 12:40 p.m. EST, after getting a vote of confidence from Wall Street. Truist Securities reiterated a buy rating while raising its price target from $180 to $200.

So what

Analyst Joel Fishbein has been evaluating the impact of the massive hack of several U.S. government agencies that originated at network management software provider SolarWinds. Cybersecurity technology specialist FireEye (NASDAQ:FEYE) was also compromised, saying earlier this month that many of its security tools were stolen as part of the attack that is believed to have been orchestrated by Russian intelligence agencies.

Green stock chart going up

Image source: Getty Images.

As a direct competitor to FireEye, CrowdStrike should stand to benefit from the negative fallout surrounding its rival, in Fishbein's view.

Now what

Additionally, CrowdStrike is expected to be a "clear beneficiary" from the broad shift to remote work that the COVID-19 pandemic has catalyzed, as organizations now have greater need to secure remote access for employees. Following today's jump, CrowdStrike shares have already achieved the new price target set by Truist. In a separate note, Truist suggested that the hack would spur higher demand for cybersecurity spending more broadly, which could also strengthen CrowdStrike's prospects.

CrowdStrike's guidance for the fourth quarter calls for revenue of $245.5 million to $250.5 million, which should result in adjusted earnings per share of $0.08 to $0.09. That should bring full-year revenue to $855 million to $860 million.

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