Observability Demand Remains Intact; ARR in Focus

研报英文原文证据摘录

Observability Demand Remains Intact; ARR in Focus

Company Report

May 14, 2026 Dynatrace Inc. (DT)

Rating: Observability Demand Remains Intact; ARR in FocusOUTPERFORM

Price:

$34.73 Dynatrace (DT) reported its FY4Q26 (March) results which featured beats on the top

12-Month Price Target: and bottom lines as the company’s end-to-end platform resonates with customers

$48.00 (from $55.00) but will be overshadowed by a lighter than expected near-term guide due to margin

pressure while ARR also came in above guidance but below Street whisper numbers

following Datadog's strong results last week. We continue to believe DT continues

Analysts to be well-positioned in the software landscape, with AI and cloud growth being

Dan Ives a tailwind, as more customers turn to DT to manage agents as organizations

(212) 344-2073 increasingly need observability for reliable AI while the company expands cloudDan.Ives@wedbush.com

Steven Wahrhaftig native integrations.

(212) 931-7059 Total ARR of $2.05 billion (up 18% y/y + 16% y/y in CC) came slightly below thesteven.wahrhaftig@wedbush.com

Street’s estimate of $2.06 billion including ~$81.0 million in NNARR (which wasSam Brandeis

(212) 222-3005 above the prior period of ~$75.0 million), driven by DPS/new products from new/

sam.brandeis@wedbush.com existing logos. Average land size for the quarter was over $200k and drove new logo

Anish Jog ARR up 43% in the quarter and up 30% in 2H26 as the company added 126 new

(917) 747-3095 logos including a record 9 7-figure lands. The company continues to see strength in

anish.jog@wedbush.com its DPS offerings as over 75% of ARR and 60% of customers are on the DPS licensing

model while logs continued to see traction with over $100.0 million in annualized