Analytics automation company Alteryx, Inc. (NYSE: AYX) recently revealed that it has entered into an agreement to acquire cloud company Trifacta for $400 million. The deal is likely to close in the first quarter of 2022.
Following the news, shares of the company jumped 3.6% to close at $60 in Thursday’s extended trading session.
With enterprises embracing and enhancing their cloud capabilities to better manage their data, this acquisition of Trifacta by Alteryx is expected to be beneficial for the company, as it has developed significant cloud-first capabilities to help enterprises drive their analytics transformation.
Further, the combination of Trifacta’s expertise in the cloud and Alteryx’s leading low code/no code analytics solution is likely to result in better data management for enterprises.
The CEO of Alteryx, Mark Anderson, said, “Trifacta brings highly skilled cloud-first engineering, product and go-to-market teams with decades of combined experience building and bringing to market mission-critical, cloud native analytics solutions. Together, Trifacta and Alteryx expand our total addressable market with additional opportunities to target new data and cloud transformation initiatives for Global 2000 customers.”
Consensus among analysts is a Strong Buy based on 4 Buys and 1 Hold. The average Alteryx price target of $110.33 implies upside potential of 90.6%. Shares have declined 50.3% over the past year.
News Sentiment for Alteryx is Neutral based on 1.75 articles over the past seven days. 50% of the articles have Bullish sentiment, compared to the sector average of 63%.
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