CRWD : initiated with a Sell at Citigroup

The stock traded at nearly 24x forward sales with market cap over $13 bln coming into today.

CrowdStrike stock went public in mid-June, after the company priced its initial public offering (IPO) at $34 per share. The equity subsequently rallied as high as $101.88 in late August, before embarking on a steep pullback. Specifically, CRWD is off more than 40% since the aforementioned peak, and touched a record low of $51.61 on Sept. 30.