Alteryx Inc.’s (AYX) shares are currently down more than 50 percent from their 52-week high. What are the chances that the platform will exhibit long-term growth, and what are the prospects of the platform?
Alteryx is a cloud-based platform that analyzes and visualizes unstructured data. Graphs, interactive charts, and much more are available thanks to this technology, which lets the clients’ employees manage tons of diverse data. During the digital transformation period, such programs have become increasingly popular because they enable companies to increase the efficiency of their processes. New markets are helping the Alteryx Inc. to grow its sales. As an example, Alteryx started to work in Asia-Pacific several years ago, where analytics are also very popular.
While Alteryx Inc. ( AYX) has grown rapidly in recent years, it has become more difficult to do so in recent quarters – growth in the fourth quarter has been only three percent YoY. Due to the COVID-19 pandemic, general market conditions have contributed to the slowdown in activities. Alteryx believes that 2021 will be a year of “transformation” and customers will return to more frequent use of the AYX stock’s solutions. During 2019, Alteryx expects to generate $1 billion in revenue, up from $1 billion in 2020 and $1 billion in 2019.
One Citigroup analyst reduced the target price for Alteryx shares from $ 165 to $ 154 this week. Even so, the forecast is optimistic if it implies a nearly twofold rise relative to current prices. Besides, Citigroup keeps its Buy rating on Alteryx shares.
AYX stock closed the last session on $84.64, an increase of 2.03% or $1.68. Shares fluctuated between $83.76 and $89.83 during the session. A total of 1.86 million shares were exchanged, exceeding the AYX stock’s daily average volume of 1.77M in the 50 days before today, and its volume this year is greater than the 1.75M for the entire year. Over the past 12 months, the stock of the AYX stock has declined by -4.43%, and in the last week, it has gained 3.22%. The stock has declined by -25.46% for the last six months and was down by -31.64% over the last three months. Stock returns have been -30.50% so far this year.
Therefore, it may be a good time to invest in Alteryx Inc. ( AYX) if you believe in its long-term growth.