PagerDuty, Inc. (NYSE:PD) shares were trading more than 13% higher today following the company’s Q2 results, with EPS coming in at ($0.13), better than the Street estimate of negative ($0.15). The company’s quarterly revenue grew 33.2% year-over-year to $67.5 million, beating the consensus estimate of $65.5 million.

The company provided a full 2022-year outlook, with estimated revenue of $273 million-$276 million, slightly higher than the consensus estimate of $270 million. The projected yearly EPS ranges from ($0.39) and ($0.35), versus the Street estimate of ($0.39).

Analysts at Berenberg Bank raised their price target on the company’s shares to $60 from $53, mentioning that the quarterly NRR of 126% well exceeded their expectations and supports their thesis that the company would be able to return to and sustain an NRR above 120%.

According to Berenberg Bank, the company’s ability to solve on-call management for developer teams created a unique product/market fit that has enabled rapid growth. After a period of heightened competition, the company is now in the strongest competitive position of its past two and half years.