Shares of Alteryx (NYSE:AYX) gained 14.1% in June, according to data from S&P Global Market Intelligence. The high-flying analytics software company continued its upward trend on very little news, as many new age enterprise software companies saw their shares skyrocket during the month.
Favorable jobs data in early June made investors comfortable enough to put money to work, but rising COVID-19 cases in many Southern and Western states seemed to direct investment dollars toward coronavirus-resistant plays such as new age enterprise software stocks like Alteryx.
Alteryx did release compelling new product updates during June, including the Alteryx Analytics Hub, Alteryx Intelligence Suite, and Alteryx Multithreaded Processing (AMP) Engine.
The new hub updates the Alteryx platform, making it easier for data workers across the organization to locate and view all analytics assets across an enterprise in a single intuitive platform. The new Intelligence Suite is a predictive modeling add-on for the company's core Designer product, enabling workers without any data training at all to build machine learning models quickly and easily. Finally, the new Multithreaded Processing Engine allows multiple analytics models to execute simultaneously, saving organizations time and money.
These new updates serve Alteryx's core proposition, to democratize data analytics for businesses. With the COVID-19 economy so uncertain right now, data analytics has become an essential tool for all organizations that wish to adapt and innovate in this new environment.
Alteryx has more than doubled off its March lows as investors apparently look past the rather lackluster guidance management gave on its first-quarter conference call, citing delays in the company's sales cycle due to COVID-19.
Still, data analytics and machine learning are becoming core competencies for organizations large and small, and Alteryx's layman-friendly platform is becoming a widely used solution. Because of this, investors are predicting Alteryx adoption will reaccelerate as the COVID-19 slowdown ebbs.