Alteryx (AYX) PT Lowered to $66 at Needham & Company
Needham & Company analyst Jack Andrews lowered the price target on Alteryx (NYSE: AYX) to $66.00 (from $97.00) while maintaining a Buy rating.
The analyst commented, "Alteryx accelerated ARR growth to 30% in the final quarter of the year, with strength expected to continue based on the 32% guidance for 1Q. The company is solidly executing with improving sales productivity, better employee retention and the highest customer renewal rates since FY18 - alongside a solid macro backdrop. With management's initiatives firmly in place, Alteryx is turning to FY22 as a year of innovation. The company has a growing set of Cloud solutions, encompassing Designer Cloud, Alteryx Machine Learning, Auto Insights and Trifacta. The broadening product portfolio addresses new personas, which is complementary to Alteryx's mission of democratizing analytics and reducing friction for the customer. Following the transfer of coverage, we have updated our estimates and reduce our Price Target to $66 (from $97)."