AYX - Alteryx sinks as JP Morgan sees 'pockets of incremental weakness'

2023-07-12 13:14:23 ET

• Shares of computer software maker Alteryx ( NYSE: AYX ) sank more than 4% on Wednesday as investment firm J.P. Morgan said it has seen "pockets of incremental weakness" in the second quarter.
• Analyst Pinjalim Bora, who has a neutral rating on Alteryx ( AYX ) shares, said that the macro environment in the second-quarter was "kind of similar" to the first-quarter, citing an Alteryx partner. However, the partner added there are "certain pockets of incremental weakness" that pushed deals out of the period and into the third and fourth quarters.
• Bora also relayed that the partner said Alteryx ( AYX ) likely saw "relatively flat" year-over-year growth in the second-quarter, compared to down meaningfully in the first quarter. However, the deals that were pushed out of the quarter into the second-half will likely close by the end of the year.

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