The company also lifted its full-year revenue estimate.
Qualtrics traded at $38.50, up 1.85%. The stock has slid 15% in the last six months.
JMP Securities analyst Patrick Walravens kept his outperform rating and $55 price target after the earnings announcement.
He wrote in a commentary, “We continue to like Qualtrics for a number of reasons, including: “It is the clear leader in the growing experience management market; it is ably led by CEO Zig Serafin," and "it has a modern platform that leverages a micro-services architecture."
Walravens also wrote that Qualtrics was "demonstrating accelerating growth, as it comes out of the pandemic, and as its spinoff from SAP (SAP) - Get Report increases its ability to partner with other ecosystems and to attract and retain key personnel.”
Piper Sandler lifted its price target to $50 from $49, maintaining its overweight rating. The gain in billings “reinforces our bullish view that XM is well positioned for broader enterprise adoption,” Piper analysts said
Demand growth “remains impressive, even as the business approaches $1 billion-plus revenue scale.”
Morgan Stanley analysts injected caution, even as they raised their price target to $47 from $44, keeping their equal weight rating.
“The durable growth trajectory may be more of a question mark here versus other growth peers,” they wrote.