Oppenheimer analyst Ittai Kidron initiated coverage with a Buy rating on Alteryx Inc (NYSE: AYX) today and set a price target of $48. The company’s shares opened today at $39.87, close to its 52-week high of $41.47.
Kidron observed:
“We’re initiating coverage on Outperform rating and a $48 price target. Alteryx offers self-service analytics software that democratizes and accelerates the data analysis process and transforms business line users into citizen data scientists with little IT involvement. Our bullish view is based on our belief that Alteryx: (1) is strongly positioned to benefit from favorable secular trends driving enterprise digitization and a rise in the importance of data citizens; (2) is exposed to a large and growing TAM with expansion opportunities into AI/ML; and (3) will continue to successfully execute on its land-and-expand model, adding new customers and driving deeper account penetration. While we’re bullish, investors should be mindful of a high degree of execution risk and a dynamic competitive market.”
According to TipRanks.com, Kidron is a top 100 analyst with an average return of 24.7% and a 66.5% success rate. Kidron covers the Consumer Goods sector, focusing on stocks such as Juniper Networks, Pure Storage Inc, and Arista Networks.
Currently, the analyst consensus on Alteryx Inc is Strong Buy and the average price target is $44, representing a 10.4% upside.
In a report issued on June 12, JMP Securities also maintained a Buy rating on the stock with a $45 price target.
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Based on Alteryx Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $5.19 million. In comparison, last year the company had a GAAP net loss of $5.67 million.
Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AYX in relation to earlier this year.
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Alteryx, Inc. engages in the provision of self-service data analytics software. Its subscription-based platform allows organizations to prepare, blend, and analyze data from a multitude of sources and benefit from data-driven decisions.
