Dynatrace, Inc. (NYSE:DT) shares closed with more than 5% gain on Thursday, following the company’s reported Q2 results, with a sizeable top- and bottom-line beat. Quarterly revenue grew 35% year-over-year and came in 3% ahead of the consensus estimate.

Analysts at Berenberg Bank provided their view on the company, mentioning that customers continue to embrace the company’s platform outside of APM, which has led to the 14th consecutive quarter of achieving an NRR of >120%.

According to the analysts the company’s strong growth continues to face nominal headwinds in 2022 due to FX and the perpetual license transition. The company’s full 2022-year nominal ARR guidance of $986-996 million implies 27-29% growth and is essentially unchanged from Q1.

According to the brokerage, revenue expectations are too low relative to ARR and disclosed customer metrics. Thus, it increased its price target on the company’s shares to $86 from $75.