Alteryx Soars After Announcing New CEO and Raising Q3 Guidance

Shares of data analytics software company Alteryx were soaring this week after the company raised its third quarter guidance and appointed a new CEO.

The company is projecting revenue for the third quarter to be in the range of $126 million to $128 million, up 22% to 24% from the year-ago period. Wall Street was expecting $113.5 million.

Alteryx also announced that co-founder and Chief Executive Dean Stoecker will be succeeded by Mark Anderson, a current member of Alteryx’s board of directors. The change is effective immediately. Former CEO Stoecker is leaving the CEO role for personal reasons.

“Scaling Alteryx from one client and three employees to a global leader in the analytics market with over 1,500 employees, over 6,700 customers and 18 offices around the world has been one of my greatest accomplishments. I am incredibly proud and honored to have led the team that built Alteryx over the past 23 years,” said Mr. Stoecker.

“When I decided to transition from day-to-day operations, it was clear to me that Mark is the ideal candidate to serve as Alteryx’s next CEO given his passion for our company and our newly created Analytic Process Automation category, coupled with his experience in scaling organizations. Since joining our Board two years ago, Mark has proven himself as a trusted advisor providing valuable insights and strategic direction. I am confident that Alteryx will achieve new heights under his leadership,” Mr. Stoecker continued.

Anderson previously served as the president of Palo Alto Networks (PANW). “I am honored and excited to be Alteryx’s new CEO,” said Mr. Anderson. “Digital transformation is accelerating globally and Alteryx’s product vision and strategic positioning align closely with the market convergence of people, process and data. Building and enabling high performing teams – especially at Alteryx’s stage – is my professional and personal passion. I look forward to partnering closely with Dean, the rest of the Board and the entire Alteryx team as we embark on
the next phase of our growth.”

“On behalf of the Board, we are thrilled to welcome Mark into the CEO role,” said Charles Cory, Lead Independent Director. “Mark is an ideal leader for Alteryx at this time of great potential for our company. In addition to his knowledge of Alteryx, Mark brings the skills and expertise that we believe will enable us to capitalize on the massive market opportunities Dean helped create. We strongly believe Mark’s outstanding sales and go-to-market experience combined with Dean’s continued support as Executive Chairman is a winning combination that will accelerate significant growth and value creation.”

Mr. Cory continued, “Since Alteryx’s founding, Dean has not only built a global company distinguished by its game-changing data science and analytics, he has established a corporate culture that thrives on innovation, collaboration, inclusion and diversity. Dean’s exceptional leadership over the last 23 years and these differentiators have paved the way for Alteryx’s success and strong industry position as a public company. We know he will continue to make valuable contributions as Executive Chairman of Alteryx.”

“In our opinion, Mr. Anderson brings extensive experience in sales and marketing, including driving growth at several large public software companies,” remarked Needham analyst Jack Andrews. The firm has a “buy” rating on the stock and a price target of $173.

“We view Anderson as a huge credibility shot in the arm to Alteryx after a shaky second quarter, with his stellar track record and strong Street reputation now front and center for investors,” Wedbush analyst Dan Ives wrote in a note to clients. Ives has an “outperform” rating on the stock and price target of $132.

Alteryx will report third-quarter results after the market close on Nov. 5th.

Based in Irvine, Calif., the company provides Big Data and data analytics software that enable companies to analyze data from a multitude of sources and then benefit from data-driven decisions.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.