Piper Sandler has downgraded CrowdStrike Holdings Inc. (CRWD) from Overweight to Neutral, setting a price target of $505. The analyst noted that CrowdStrike's shares have approached the $505 price objective, reflecting a roughly 60% rally, and indicated limited upside potential in the near term. The valuation is now at peak multiples compared to other companies in Piper Sandler's coverage universe. This downgrade follows a challenging period for CrowdStrike, including a significant stock decline in 2024, with the company focusing on increasing subscription growth as part of its recovery strategy.