Actions of Alteryx (NYSE: AYX) It was up 25% in after-hour trading on Monday, as the company made several announcements that got the bulls running.
The company said Alteryx co-founder, president and CEO Dean Stoecker would step down from his role as chief executive officer and would be immediately replaced by board member Mark Anderson. Stoecker would assume the role of executive chairman while continuing to serve as chairman of the board.
Anderson is a seasoned executive at a technology company who has spent more than six years at the cybersecurity platform Palo Alto Networks. There he was responsible for sales, go-to-market (GTM) strategy and customer satisfaction, as well as business and business development; eventually he became president of the company. Previously, he was also Chief Growth Officer for the cloud-based planning platform Anaplan and sits on the board of directors of the cloud security platform Cloudflare.
The company’s preliminary results, which were released to coincide with the announcement of the C-suite, also pushed the shares higher. Alteryx updated its forecasts for the third quarter, stating that its revenues for the period ending September 30 would be between $ 126 million and $ 128 million, representing year-over-year growth in a range of 22% and 24% . The company had previously issued guidelines of between $ 111 million and $ 115 million, or growth of between 7% and 11%. Alteryx will publish its full results after the market close on November 5, 2020.
Analyst consensus estimates mirrored management’s original guidelines, forecasting revenue of $ 113.63 million or year-over-year growth of approximately 10%, less than half of its current growth estimate.
Alteryx was doing great to close 2019, with revenue growth of 75% year-over-year in the fourth quarter, but the global pandemic has seriously derailed its progress. After approaching all-time highs in early August, Alteryx lost nearly 40% of its value on the back of its second quarter results, as its growth rate had dropped to 17%. The company at that time also expected even slower growth for the third quarter.