Why Alteryx's Stock Is Getting Hammered Today

Alteryx Inc AYX shares are trading lower Wednesday morning after the company issued Q3 and FY21 guidance below estimates.

Alteryx reported a quarterly loss of 8 cents per share, which beat the analyst consensus estimate of a loss of 25 cents per share. The company reported quarterly sales of $120.10 million, which beat the analyst consensus estimate of $113.04 million.

"Alteryx continues to make meaningful progress on our transformation journey as evidenced by our ARR growth of 27% this quarter," said Mark Anderson, CEO of Alteryx, Inc.

Following the earnings report, Needham maintained a Buy rating on Alteryx and lowered its price target from $129 to $96.

Alteryx is a software company that provides self-service data analytics software. Its software platform enables organizations to dramatically improve business outcomes and the productivity of business analysts. The firm offers solutions such as advanced analytics, location intelligence, data preparation and technology operations.

Alteryx has a 52-week high of $181.08 and a 52-week low of $66.66.