Investing.com – Crowdstrike stock (NASDAQ:CRWD) surged 9% two days ahead of its Thursday entry into the Nasdaq-100 index.
The stock of the cybersecurity technology company will also be part of Nasdaq-100 Equal Weighted Index and the Nasdaq-100 Technology Index, Nasdaq (NASDAQ:NDAQ) said Monday.
Being part of the indices means passive investors who manage trillions of dollars will have to include it in their portfolios, as it will now be part of more fund schemes benchmarked against the indices.
The company, which has a market capitalization of roughly $55.5 billion, will replace Maxim Integrated Products (NASDAQ:MXIM) from the three indices.
Business for cybersecurity firms has boomed in the last one year due to increasing adoption of a hybrid work-from-home-office model by corporates. Demand for cyber security solutions has burgeoned due to the extra security requirements of widespread remote working.
First-quarter revenue at the firm surged 70% year-on-year to $302.8 million. Adjusted earnings per share on a diluted basis climbed five times to 10 cents.
Crowdstrike will release its second-quarter earnings on August 31.