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Alteryx, Inc. (AYX) Surges 5.9%: Is This an Indication of Further Gains?

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Alteryx, Inc. shares rallied 5.9% in the last trading session to close at $46.90. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 20.3% loss over the past four weeks.

The recent surge in Alteryx’s share price can be attributed to rising demand for the company’s low code or no code analytical platform as companies are showing increasing interest to take their operations in the data cloud ecosystem.

Also growing adoption of Alteryx’s integrated offerings with Snowflake among its joint customers is driving its’ share price growth. Alteryx’s joint customers with Snowflake in financial services, healthcare, life sciences and media are achieving both top-line and bottom line growth which is attracting new customers.

This company is expected to post quarterly loss of $0.60 per share in its upcoming report, which represents a year-over-year change of -650%. Revenues are expected to be $160.9 million, up 34% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Alteryx, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on AYX going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Alteryx, Inc. is part of the Zacks Internet - Software industry. Paya Holdings Inc. , another stock in the same industry, closed the last trading session 2.3% higher at $5.37. PAYA has returned -7.2% in the past month.

For Paya Holdings Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.10. This represents a change of -9.1% from what the company reported a year ago. Paya Holdings Inc. currently has a Zacks Rank of #3 (Hold).

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