Alteryx (AYX) Introduces Smart Finance Automation With AWS
Alteryx AYX recently announced new capabilities on Amazon’s AMZN cloud arm Amazon Web Services (AWS) to help CFOs and finance leaders use cloud and critical data analytics for their modernization goals.
Leveraging the power of AWS, Alteryx can create digital transformation solutions based on its clients' needs and data insights. It can integrate, visualize and analyze data from any source, improve security and save up to $6 million in costs and efficiency for their clients.
Finance teams often face changing regulations and manual processes that waste time and resources. The Alteryx intelligent automation capabilities on AWS help them solve complex data problems and adapt to dynamic market conditions.
The benefits include — reducing manual work, adopting new technologies, generating insights at scale and upskilling in data and analytics across finance.
Alteryx, Inc. Price and Consensus
Alteryx, Inc. price-consensus-chart | Alteryx, Inc. Quote
With Alteryx Analytics Automation powered by AWS, finance teams can innovate and modernize tax and audit processes with self-service analytics that streamline compliance work. They can use templates and workflows to assist with financial processes.
Improving Analytics Solutions With Strong Partner Base
Alteryx is benefiting from an expanding partner base with the likes of Amazon’s AWS, UiPath PATH and Snowflake SNOW. These partnerships are helping the company improve its analytics solutions and expand global market reach.
Alteryx’s partnership with AWS combines its analytics with latter’s storage and computing power to make enterprise-grade performance accessible to non-technical employees. Its recent finance automation solution on AWS is expected to gain demand with its innovative and modern processes.
Its strategic partnership with UiPath makes intelligent end-to-end process automation possible with UiPath bots acting on Alteryx’s machine-learning decisions. It simplifies the process of digital transformation and helps organizations modernize their infrastructure.
The Snowflake partnership allows Alteryx to leverage Snowflake’s compute, elastic scaling and secure data sharing capabilities to provide customers with automated data pipelining, faster data processing and accelerated analytics outcomes at scale.
Alteryx is benefiting from an expanding clientele, driven by increasing demand for Alteryx Analytics solutions and constant innovations with partners.
In first-quarter 2023, its overall dollar-based net retention rates remained unchanged at 121% and the Global 2000 net expansion rate increased 2% sequentially to 131%.
Alteryx’s Prospects Not So Bright
The Internet Software companies in the United States are expected to perform well in the rest of 2023, driven by strong demand for cloud-based, AI-enabled and data-driven software solutions. Continuous technological innovations and increased spending have been major headwinds.
However, shares of Alteryx have declined 13.3% year to date against the Zacks Internet Software industry’s and the Computer and Technology sector’s growth of 48% and 35.6% year to date, respectively.
The underperformance was primarily caused by challenging macroeconomic conditions. Elevated deal scrutiny, longer sales cycles and shorter contract durations remain potential headwinds.
This Zacks Rank #3 (Hold) company expects second-quarter 2023 revenues between $180 million and $184 million, indicating year over year growth of flat to 2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
For the second quarter of 2023, Alteryx expects non-GAAP net loss to be in the range of 69-65 cents per share.
The Zacks Consensus Estimate for second-quarter revenues is pegged at $182.15 million, indicating a 0.85% growth from the year-ago quarter’s reported figure.
The consensus mark for second-quarter 2023 loss remained unchanged at 66 cents per share in the past 30 days, indicating a year-over-year decline of 43.48%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Amazon.com, Inc. (AMZN) : Free Stock Analysis Report
UiPath, Inc. (PATH) : Free Stock Analysis Report
Snowflake Inc. (SNOW) : Free Stock Analysis Report
Alteryx, Inc. (AYX) : Free Stock Analysis Report
