Shares of the data analytics company Alteryx (NYSE: AYX) were up 25.6% in June, according to data provided by S&P Global Market Intelligence, after two analysts published positive notes about the company. The company's share price also benefited from some acquisition news in the data analytics segment.
Alteryx's initial share price jump at the beginning of June came after news that Salesforce.com had entered a deal to acquire Tableau Software, another data analytics platform company. Salesforce expects to close the all-stock deal with Tableau at the end of October.
Investors likely pushed Alteryx's share price up on the Tableau news because they were optimistic that Alteryx could be acquired in the future as well, as other large companies look to buy their own data analytics firms.
Image source: Getty Images.
But that wasn't the only thing pushing up Alteryx's shares last month. Investors were also very pleased to see two positive reports about Alteryx from analysts during the month. First, Citi's Tyler Radke said that Alteryx's market opportunity could be underestimated and noted that the company is a top pick because of its "strong top-line growth paired with near best-in-class unit economics and profitability."
Additionally, Needham analyst Jack Andrews reiterated a buy rating for Alteryx's stock during the month and increased his price target from the previous $108 to the current $120.
Investors will have to wait until early August to find out how well Alteryx performed in its second quarter, but there's no doubt that investors are already bullish on this data analytics company. With management expecting a revenue increase of 48% at the midpoint for the second quarter and 40% for the full year, Alteryx investors could have more to look forward to in the coming months.
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Chris Neiger has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alteryx and Salesforce.com. The Motley Fool recommends Tableau Software. The Motley Fool has a disclosure policy.