By Dhirendra Tripathi
Investing.com – Qualtrics (NASDAQ:) was up by more than 25% in Thursday’s session on upgrades by several analysts, enthused by the company reporting strong earnings and forecasting an even better June quarter.
Qualtrics makes software that helps companies engage better with their consumers and employees.
Piper Sandler analyst Bracelin raised Qualtrics to overweight with a target of $49, which translates into an upside potential of a little over 15% from the stock’s present level of $42.48. He cited the company’s growth potential and a favorable risk-reward ratio as reasons behind his optimism.
BMO Capital Markets analyst Keith Bachman raised the stock to outperform with a target of $45, as he expects “very strong” demand for the firm’s offerings as the economy improves.
Deutsche’s Patrick Colville attributed his belief in the stock to the company’s strong competitive positioning. Colville has a target of $43 for the stock.
Co-headquartered in Seattle, Washington and Provo, Utah, Qualtrics raised its outlook for 2021 on Wednesday.
It now expects January-December total revenue to come between $980 million and $984 million, compared to an earlier forecast of $950 million to $954 million given on March 9.
Total revenue for the January-March quarter was $238.6 million, up 36% from $176.1 million one year ago. It had expected the March quarter revenue to come between $226 million and $228 million.
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