CrowdStrike shares rose Tuesday as thecybersecurity company is set to be added to the Nasdaq 100 index.- The inclusion on the widely watched index will take place on Thursday.
- CrowdStrike will replace Maxim Integrated Products on the index of large-cap non-financial companies.
Shares of CrowdStrike jumped Tuesday, with the cybersecurity technology company set to be added to the widely watched Nasdaq-100 index.
The cloud-security company, whose products are aimed at spotting and warding off ransomware attacks, ID theft and data breaches, will be added to the index that tracks the securities of the 100 largest non-financial companies listed on the Nasdaq exchange, according to a Nasdaq statement late Monday. The inclusion will take effect before the opening bell on Thursday.
CrowdStrike shares traded close to all-time highs by rising as much as 9.4% to $268.98 during Tuesday's session before trimming the gain to 8%. The stock this year had increased by 16% through Monday's regular session.
The company, which has a market capitalization of roughly $54 billion, will replace Maxim Integrated Products on the Nasdaq-100. CrowdStrike will also be added to the Nasdaq-100 Equal Weighted Index and the Nasdaq-100 Technology Index, effective Thursday.
The moves will take place ahead of Crowdstrike releasing its second-quarter earnings report on August 31. Revenue in the first quarter surged by 70% to $303 million, beating analysts' estimates of $291 million, a reflection of an ongoing boom in the cybersecurity industry.