Dynatrace Record Large-Deal Quarter; Dynatrace Lays Out FY27 ARR Growth Glidepath

研报英文原文证据摘录

Dynatrace Record Large-Deal Quarter; Dynatrace Lays Out FY27 ARR Growth Glidepath

J P M O R G A N North America Equity Research

14 May 2026

Dynatrace Overweight

DT, DT US

Record Large-Deal Quarter; Dynatrace Lays Out FY27 Price (13 May 26):$34.73

ARR Growth Glidepath ▼Price Target (Dec-26):$45.00 Prior (Dec-26):$50.00

Throughout the quarter, our industry expert (here) and federal partner (here)

channel checks framed observability demand holding firm, accelerating logs Software - Large Cap / Mid & Small

Captraction, the ServiceNow partnership generating meaningful go-to-market

activity, and the recent Bindplane acquisition closing a long-standing competitive Mark R Murphy AC

gap on telemetry pipeline lifecycle management. The central investor debate, in (1-415) 315-6736

mark.r.murphy@jpmchase.com

our view, was whether Dynatrace's FY27 guidance would validate the stabilization

to acceleration framework following a few quarters of stabilizing 16% CC ARR Arti Vula, CFA

(1-415) 315-5919

growth. While the FY27 ARR growth guidance of 15.5-16.5% CC lands above arti.vula@jpmchase.com

consensus and implies CC NNARR growth of 16-23% growth vs. FY26's +12%,

Jaiden R Patel

shares are trading down ~10% post-print, with the market focused on the 9% CC (1-212) 270-6953

NNARR growth in Q4 (the lowest of FY26) and skepticism around the bridge from jaiden.patel@jpmchase.com

Q4's 9% CC NNARR exit run-rate to the 16-23% implied FY27 growth. We remain Brian Hyska

firm in our view that the stock's ability to re-rate likely hinges on whether mid-teens (1-212) 622-2883

CC ARR growth can hold or uptick slightly higher, which requires net new ARR brian.hyska@jpmchase.com

growth to sustain above current levels and eventually accelerate beyond 16% J.P. Morgan Securities LLC