Shares of Sprinklr Inc (NYSE: CXM) are up nearly 20% this morning on solid results for the fiscal third quarter that prompted analysts to bump up their price targets on the stock. In the earnings press release, CEO Ragy Thomas said:
It’s our 4th straight quarter of accelerating revenue growth. Sprinklr is well-positioned to become the strategic partner brands need to unify customer experiences across channels, teams, markets, and products for a truly unified experience.
Q3 financial performance
Sprinklr said it lost $29.2 million in Q3 that translates to 6 cents per share adjusted, nearly half of its net loss in the same quarter last year. At $127.1 million, the software company noted an annualised growth of 32% in quarterly revenue.
In comparison, analysts had called for an adjusted per-share loss of 10 cents on $118 million in revenue.
For the current quarter, the New York-based company that offers customer experience management platform forecasts up to 9 cents of per-share loss on $129 million to $131 million in revenue. Sprinklr also gave upbeat guidance for the full year.
Analysts see massive upside in CXM
The stock also got a boost from two analysts, both of whom confirmed that CXM had significant room to run in the coming months.
Oppenheimer’s Brian Schwartz reiterated Sprinkler at “buy” and raised his price target to $23 per share, representing another 45% upside on top of Friday’s price action.
Even more bullish on the stock, however, is JMP Securities’ Patrick Walravens. The analyst maintained his “buy” rating on CXM this morning and raised the price target to $27 that translates to a nearly 70% upside from here.
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