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Alteryx Posts Upbeat Q4 Results; Street Says Buy

Analytics automation company Alteryx, Inc. (NYSE: AYX) has reported stronger-than-expected results for the fourth quarter ended December 31, 2021, on the back of growth in revenues.

Following the earnings, shares of the company jumped 7.5% to close at $56.10 in Tuesday’s extended trading session.

Revenue & Earnings

Alteryx reported quarterly revenues of $173.8 million, up 8% year-over-year. This revenue growth was marked by the 26% year-over-year growth witnessed in PCS and services revenue. Further, the figure surpassed the consensus estimate of $165.79 million.

The company reported quarterly earnings of $0.17 per share, down 72.5% from the same quarter last year. Yet, the figure topped the consensus estimate of $0.05 per share.

Other Operating Metrics

Alteryx’s annual recurring revenue witnessed a year-over-year rise of 30% to $638 million. The company ended the quarter with 7,936 customers, up 12% from the prior-year quarter. Further, Alteryx added 247 net new customers in the fourth quarter of 2021.

Outlook

For the first quarter of 2022, Alteryx expects to report revenues in the range of $144 million to $147 million. It expects revenues between $710 million and $720 million for full-year 2022.

Similarly, the company anticipates a loss of $0.61 per share to $0.58 per share in the first quarter. Further, it expects to incur a loss of $0.68 per share to $0.58 per share for full-year 2022.

Management Commentary

The CEO of Alteryx, Mark Anderson, said, “With our largest increase in net new ARR in the company’s history, Alteryx closed out fiscal year 2021 on a record note. Closing a year of transformation, we start fiscal 2022 well-positioned to continue to drive growth and accelerate our journey to the cloud.”

Stock Rating

Consensus among analysts is a Strong Buy based on 6 Buys and 2 Holds. The average Alteryx price target of $90 implies upside potential of 72.5% from current levels. Shares have declined 54.7% over the past year.

Hedge Funds’ Confidence

TipRanks’ Hedge Fund Trading Activity tool shows that hedge fund confidence in Alteryx is currently Negative. Moreover, the cumulative change in holdings across the three hedge funds that were active in the last quarter was a decrease of 145,100 shares.

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