JMP Securities Starts Qualtrics (XM) at Market Outperform

February 23, 2021 2:23 AM EST
Get Alerts XM Hot Sheet
Price: $32.08 -1.6%

Rating Summary:
    9 Buy, 8 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 17 | Down: 14 | New: 42
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JMP Securities analyst Patrick Walravens initiates coverage on Qualtrics (NASDAQ: XM) with a Market Outperform rating and a price target of $55.00.

The analyst comments "We view Qualtrics as an excellent opportunity for long-term durable growth and capital appreciation for several reasons, including: 1) it addresses a large market estimated to be ~$60B, which has grown from ~$44B in 2018; 2) the company's leadership position in the experience management software market with a best-in-class product offering; 3) it has an attractive financial profile as revenues grew 39% and 49% in 2018 and 2019, respectively, and we expect it to grow 29% in 2020; 4) the company's relationship with SAP, which provides a strong entry point into SAP's large customer base; 5) Qualtrics has a large customer base with 12,751 customers as of 3Q20, of which 1,206 generate more than $100K in ARR, and 64 produce more than $1M in ARR; and 6) of the seven customers that we spoke with, 71% indicated that spend with Qualtrics would trend up over the next 12 months."

For an analyst ratings summary and ratings history on Qualtrics click here. For more ratings news on Qualtrics click here.

Shares of Qualtrics closed at $45.60 yesterday.



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