- Alteryx (NYSE:AYX) is up 7.5%, continuing the rally after yesterday's Q1 beats with a narrower expected loss per share.
- Rosenblatt maintains a Buy rating on Alteryx but lowers the price target from $145 to $130. Analyst Blair Abernethy praised the beats but lowered the target due to lower software multiples and the expected higher investment levels.
- Piper Sandler's Brent Bracelin (Overweight, $120 target) says "operating risks remain high near-term," but the risk/reward is attractive especially if ARR growth returns to above 30% Y/Y. Bracelin says the company has "dark horse potential within a $27B+ data analytics market."
- Raymond James analyst Rober Majek (Market Perform) was positive on the revenue beat and inline ARR performance but notes that expansion rates continued to decelerate, a trend that could continue in the near term. Majek expects the year to be "fairly back-end loaded" for Alteryx.
- Deeper dive: Earnings call transcript.