Anaplan, Inc. (NYSE: PLAN) shares dropped more than 14% after-hours following the company’s Q2 earnings report, with total revenue coming at $144.3 million, representing an increase of 35.5% year-over-year, and beating the consensus estimate of $133.99 million. However, today the share prices were trading more than 17% higher again.

The company’s subscription revenue grew 34.6% year-over-year to $130.8 million and the quarterly EPS of ($0.09) was better than the consensus estimate of ($0.14).

The company’s management raised its full 2022-year outlook, now anticipating revenue to be $571.5-573.5 million, in comparison to $555-$560 million previously. The Street estimate was $558 million.

According to the analysts at Berenberg Bank, which raised its price target on the company’s shares to $92 from $82, investors are impressed by the strong billings/subscription revenue growth during Q2.

According to the brokerage, there is a substantial opportunity for the company to expand its customer base within existing customers and acquire new customers through indirect channels and international expansion.