Alteryx (NYSE:AYX) shares jumped nearly 17% in the pre-market session today after the analytics automation company delivered a third-quarter EPS of $0.29. In contrast, the Street had pegged a net loss per share of $0.05 for the quarter. Additionally, revenue increased by 7.4% year-over-year to $232 million, surpassing expectations by nearly $21.8 million.
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During the quarter, annualized recurring revenue (ARR) increased by 21% to $914 million, with the company’s dollar-based net expansion rate coming in at 119%. Moreover, the company introduced new solutions, including Alteryx AI Studio, Playbooks, and Alteryx Marketplace. Notably, Alteryx AI Studio is designed with no-code users in mind to leverage the power of generative AI.
Looking ahead to Fiscal year 2023, Alteryx expects revenue to range from $953 million to $959 million, indicating growth of 11% to 12%. ARR for the year is anticipated between $942 million and $948 million, with EPS expected to be between $0.94 and $1.01.
The company expects revenue for the fourth quarter to land between $334 million and $340 million. EPS for the quarter is anticipated between $1.10 and $1.17.
What Is the Forecast for AYX Stock?
Overall, the Street has a Moderate Buy consensus rating on Alteryx. The average AYX price target of $46.93 implies a 54.7% potential upside. That’s after a nearly 39% decline in Alteryx shares so far this year.
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