CrowdStrike Holdings, Inc. ( CRWD ) shares are trading marginally lower on Tuesday.

Jefferies analyst Joseph Gallo maintained the Buy rating on the stock, raising the price forecast from $315 to $345.

Today, Adam Meyers, a senior executive at CrowdStrike ( CRWD ) is set to testify before the U.S. Congress regarding the global IT outage that occurred on July 19.

Meyers is expected to express deep regret about the incident and emphasize his company’s commitment to preventing a recurrence, reported BBC.

The incident, caused by a software update, left stranded travelers and small businesses facing significant sales losses. The update affected millions of computers running Microsoft systems worldwide.

Also Read: CrowdStrike Outage Impacted Less Than 1% Of Windows Devices But Still Managed To Wreak Havoc: Report

According to Benzinga Pro, CRWD stock has gained over 81% in the past year. Investors can gain exposure to the stock via REX AI Equity Premium Income ETF ( AIPI ) .

In a blog post in July, Microsoft highlighted the widespread impact of the outage, attributing it to the extensive use of CrowdStrike ( CRWD ) by businesses running critical services.

“This incident demonstrates the interconnected nature of our broad ecosystem — global cloud providers, software platforms, security vendors and other software vendors, and customers,” Microsoft shared in the post.

“It’s also a reminder of how important it is for all of us across the tech ecosystem to prioritize operating with safe deployment and disaster recovery using the mechanisms that exist.”

Related: CrowdStrike Stock Nears Death Cross As Delta Dispute Escalates

Security researcher Troy Hunt had described it as the “largest IT outage in history,” especially since tech companies managed to avoid the “Y2K” issue.

Recently, CrowdStrike ( CRWD ) revised its revenue and profit projections downward.

Price Action: CRWD shares are trading lower by 1.09% to $289.94 at last check Tuesday.

Read Next:

Consumer Confidence Tumbles As Concerns Over Labor Market Grow, Odds Rise For 50-Basis-Point Interest Rate Cut In November

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.