What Happened:
Shares of data analytics and automation platform Alteryx jumped 5.17% in the morning session after the company secured a spot on Oppenheimer's top picks list. In April 2023, Oppenheimer maintained an Outperform (Buy) rating after Alteryx reported first-quarter earnings results, but this action showed an increased level of confidence in the stock over the next year, which is typically the time horizon on which Wall Street analysts focus. After the initial pop the shares cooled down to $37.47, up 4.61% from previous close.
What is the market telling us:
Alteryx's shares are somewhat volatile and over the last year have had 34 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move was about one month ago, when the company dropped 15.7% on the news that the company reported first-quarter revenue that narrowly missed analysts' forecasts, but its earnings per share and free cash flow came in above expectations. However, sales guidance for the next quarter and full year fell short of the consensus estimates. Overall, it was a weaker quarter for the company, which has consistently exceeded growth expectations in the past year.
Alteryx is down 24.7% since the beginning of the year, and at $37.47 per share it is trading 46.1% below its 52-week high of $69.52 from February 2023. Investors who bought $1,000 worth of Alteryx's shares 5 years ago would now be looking at an investment worth $1,120.
Is now the time to buy Alteryx? Access our full analysis of the earnings results here, it's free.