- Needham Analyst Mike Cikos repeated a purchase and hit the price target Alteryx, Inc AYX from $68 to $80.
- Alteryx stood out in its reporting as one of the few companies that maintained its growth through Q2 22, unaffected by the flagging economy.
- He recently spoke to the company to understand the drivers of its second quarter strength and the various elements investors are considering for CY23 ARR and revenue growth.
- Considering FY23, he believes Alteryx’s NRR of ~120% over the last six quarters represents a fundamental growth rate. Investors can bring in additional vectors such as improved execution and go-to-market, more robust cloud capabilities, a building and more frequent refresh cycle, and ELA tailwinds.
- He believes the self-service tools provided by Alteryx provide a core capability in the big data software stack, bridging the gap between end users, analytics and the underlying infrastructure.
- Alteryx is being impacted by the increasing democratization of data and self-service analytics, which it believes represent a significant unpenetrated TAM.
- As data continues to proliferate, companies are storing and analyzing ever-increasing amounts to drive their decision-making processes, which should provide Alteryx with a long-term demand driver.
- Price promotion: AYX shares traded 4.04% lower at $66.56 on the last check Tuesday.
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