What happened

Shares of Alteryx (NYSE:AYX) were up 10.5% today -- the company's second notable single-day jump this week, with the first coming after industry peer Tableau Software agreed to be acquired by Salesforce.com on Monday -- as multiple analysts weighed in with positive notes on the data-science and analytics specialist following its annual customer conference.

Citi's Tyler Radke, for one, not only reaffirmed his view of Alteryx as a "top pick" thanks to its strong revenue growth and "best-in-class unit economics and profitability," but he also indicated that Alteryx's addressable market may be larger than previously expected. 

Signs at the intersection of Wall Street and Broad Street, with American flags in the background

IMAGE SOURCE: GETTY IMAGES.

So what

It's hard to fault Radke's thesis to those ends. When Alteryx announced strong first-quarter results early last month, it saw revenue up 51% to $76 million and adjusted net income of $0.04 per share. Both metrics handily exceeded guidance for a per-share loss of $0.08 to $0.13 on revenue closer to $71 million. CEO Dean Stoecker also teased that the company's global addressable market is expanding as a larger number of companies seek to leverage their data, adding that the company will continue to invest in resources to capitalize on that potential incremental growth.

Meanwhile, further stoking the fire under Alteryx today was Needham analyst Jack Andrews, who reiterated his buy rating and increased his per-share price target by $12 to $120 -- a healthy 25% premium from yesterday's closing price. To justify his relative bullishness, Andrews cited a combination of encouraging long-term operating targets from the company, "extraordinarily positive" customer conversations, and several new product functions unveiled during the conference.

Now what

Barring an update between now and Alteryx's next quarterly release in early August, investors will need to wait for more color on whether the company was able to sustain its incredible momentum as it concludes the first half of the year. But given these votes of confidence from Wall Street in the meantime, the stock is understandably rallying in response.