George Kurtz, CEO of CrowdStrike
Patrick T. Fallon Bloomberg | Getty Images
mass strike Shares of the cybersecurity software provider rose 10% on Monday after it announced it would join the S&P 500 Index, replacing financial companies. Allied Signal Corporation.
S&P Dow Jones Indices said in a report statement CrowdStrike was added to the benchmark index late Friday, along with Global Investment Corp. KKR and web domain sellers go dadthey replace Robert Half and lighting company, respectively. These changes will take effect on June 24.
Shares of companies included in the benchmark typically rise after the announcement, as fund managers tracking the index regularly update their portfolios to reflect the additions. Evercore analysts said in a note to clients on Monday that their “trading desk expects index companies to buy approximately 30 million shares of CrowdStrike.”
Security ETFs rose on Monday, with the First Trust Nasdaq Cybersecurity ETF rising 1.3% and the Amplify Cybersecurity ETF (ticker “HACK”) rising 1.2%.
CrowdStrike has been profitable in its last five quarters, meeting the requirements for inclusion in the S&P 500 Index.
“This incredible milestone is a testament to the hard work, dedication and belief that our team, customers and partners have demonstrated since our founding in 2011,” CEO George Kurtz said in a statement. LinkedIn Post All weekend long.
CrowdStrike’s surge on Monday pushed the stock to a record high, taking its gains this year to 49%, following a 143% gain in 2023.
Earlier this month, CrowdStrike report Revenue increased 33% from the same period last year to US$921 million.
watch: CrowdStrike CEO George Kurtz talks one-on-one with Jim Cramer
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