Alteryx, Inc. (AYX) Soars After It Announces New CEO and Partnership with ABBYY

Triple Combo news has spiked the shares price of Alteryx as the company welcomes the new CEO.

Alteryx Inc. (AYX) is one of the leading stocks in today’s trading session with popping up 27%. AYX is continuing a strong run since the start of this month but today it has picked a strong push adding almost +$32 to the stock price.

The company recently reported that its current CEO and Co-Founder, Dean Stoecker will be replaced by Mark Anderson, a member of company’s Board of Directors, with immediate effect. In addition, Mr. Anderson will also become Alteryx’s Executive Chairman and will continue to serve as Chairman of the Board of Directors.

The newly appointed CEO is a seasoned executive with a stunning track record which shows that Mr. Anderson has helped technology enterprises thrive. He has also been the President of Palo Alto Networks. Anderson looks forward to work along with Dean and the rest of the Board and entire Alteryx team to enter a new phase of growth.
Mr. Anderson remains passionate about his new position, he stated:

“Digital transformation is accelerating globally and Alteryx’s product vision and strategic positioning align closely with the market convergence of people, process and data. Building and enabling high performing teams – especially at Alteryx’s stage – is my professional and personal passion.”

Alteryx Collaboration with ABBYY & Updated Q3 Financial Outlook

The company recently collaborated with a Digital Intelligence company, ABBYY to provide its Alteryx Analytic Process Automation Platform ™ services to enhance ABBYY’s intelligence capabilities.

The Alteryx APA Platform™ will deliver data science, analytics, and data-centric process automation in one self-service network. This will help ABBYY users to better predict, analyze, and examine the end-to-end analytics and operational work. Moreover, Alteryx will also support ABBYY’s on determining a better process that will bring the greatest return on investment (ROI).

This partnership deal is one of the reasons why the shares price of Alteryx has significantly boosted in today’s trading session continuing the bullish momentum.
The other reason why the stock has suddenly made a massive spike is due to its updated third-quarter financial outlook.

The company reported that its revenue for the period ended on September 30, 2020, would be ranging between $126 million and $128 million, which reflects 22% to 24% increase year over year. The current estimated revenue is ahead of its prior announced guidance of $111 million to $115 million, a growth rate of between 7% and 11%.

The company plans to report the quarterly results on Thursday, November 5, 2020, and host a conference call to discuss the outcomes of Q3 with the shareholders.

Market Overview

Followed by a series of news, the stock price has surged by almost 30%. As of 2:36 P.M. EDT, Alteryx, Inc. (AYX) was trading at $146.25 up by almost 28.45%. The stock has gained +$32.27 since kicking off the trading session on Wednesday before the previous close of $113.88.

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