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Here's How KeyBanc Rates WalkMe Post Q1 Results

  • KeyBanc analyst Michael Turits downgraded WalkMe Ltd (NASDAQ: WKMEto Sector Weight from Overweight without a price target.

  • The re-rating followed a modest first-quarter revenue beat, but an ARR miss, decline in quarterly enterprise DBNRR, slowing RPO growth, and -3% second-quarter revenue guide miss on slipped large deals in Q1.

  • WalkMe maintained the 2022 revenue guide despite the Q2 miss.

  • Encouragingly, the management indicated pushouts were expansions with existing 7-figure customers, delayed by the need to work with procurement and by pricing discussion as they move up the market, with some already closed in a solid Q2 start.

  • While Turits view WKME's DAP as providing attractive enterprise ROI, the pushouts underscore DAP's still evangelical sale and steeper risks than for core front/back office software given inflation/potential recession.

  • Turits was also more cautious on CF losses.

  • Turits looked for sustained operating leverage and stabilization of ample deal visibility to return to a more constructive stance on the stock and look to analyst day for more details.

  • Price Action: WKME shares traded lower by 27.8% at $8.81 on the last check Tuesday.

Latest Ratings for WKME

Date

Firm

Action

From

To

Feb 2022

Citigroup

Maintains

Buy

Feb 2022

Wells Fargo

Maintains

Overweight

Jan 2022

Wells Fargo

Maintains

Overweight

View More Analyst Ratings for WKME

View the Latest Analyst Ratings

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