Alteryx shares gain after Morgan Stanley upgrades rating of data analytics group By Investing.com

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Alteryx shares gain after Morgan Stanley upgrades rating of data analytics group

Published Sep 18, 2023 09:09AM ET

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Alteryx shares gain after Morgan Stanley upgrades rating of data analytics group

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Investing.com -- Shares in Alteryx Inc (NYSE:AYX) jumped in premarket U.S. trading on Monday after analysts at Morgan Stanley upgraded their rating of the data analytics software company.

In a note raising their outlook to overweight from equal-weight, the analysts argued that the group's current valuation undervalues its potential for growth and profit.

"At its core, we see Alteryx playing a central role in streamlining the analytics process for the large enterprise market," the analysts said.

California-based Alteryx, which offers a platform designed to allow businesses to quickly analyze data, has been attempting to focus the business on its subscription service, according to Reuters. It has also pushed to overhaul its sales operations following a slowdown in new customer growth.

The group posted a net loss of $120 million in its most recent quarter following an uptick in sales and marketing expenses.

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