Shares of Alteryx (NYSE:AYX), a provider of analytics software, were up about 8.6% at 3:40 p.m. EST on Friday. The stock was up as much as 10.2% earlier in the day. There was no company-specific news driving the gains. Instead, Alteryx rode a broad stock market rally. The tech-heavy Nasdaq composite was up nearly 4% at 20 minutes before close.
Alteryx stock has been volatile since the stock market sell-off began in October. The shares soared the day after Christmas on the back of another strong day for the stock market, but that was preceded by multiple steep declines. The stock is now roughly in line with where it was in late September.
Alteryx won't report new quarterly results until February, so investors will have to wait for an update on the company's performance. Its third quarter was strong, with 59% revenue growth and significant improvements in profitability. But the stock is very expensive, trading for nearly 20 times trailing-12-month sales, and that could be behind some of the volatility.
The overall market rise helped most stocks on Friday, and Alteryx rose higher than the average stock. But what matters in the long run is the company's performance. Alteryx will need to keep revenue growing at a brisk pace and continue to improve the bottom line to keep investors happy.