Shares of analytics platform provider Alteryx (NYSE:AYX) surged higher on Tuesday, jumping as much as 30%. The stock's gain followed news of a CEO change and an improved outlook from management for the company's third-quarter revenue.

The software-as-a-service company's new CEO and stronger-than-expected momentum in Q3 have one analyst reiterating a buy rating on the stock and lifting his 12-month price target for shares, implying he thinks this is a good time to buy the growth stock.

Should investors buy Alteryx now?

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Accelerating growth

In an update on its business Monday afternoon, Alteryx said co-founder, chairman, and current CEO Dean Stoecker will be stepping back from day-to-day operations and be succeeded by current board member Mark Anderson as CEO. 

Anderson, who has a proven track record for helping enterprise tech companies grow and scale up, is stepping into this position during a crucial juncture for the company.

"Digital transformation is accelerating globally and Alteryx's product vision and strategic positioning align closely with the market convergence of people, process and data," Anderson said in the company's press release announcing the change on Monday.

He added: "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."

As organizations' digital transformations accelerate, Alteryx's revenue growth is gaining speed, too. The enterprise software company announced preliminary third-quarter revenue of approximately $126 million to $128 million, translating to 22% to 24% year-over-year growth. This compares with 17% revenue growth in the second quarter of 2020. Management was previously guiding for third-quarter revenue to grow between 7% and 11% year over year.

Alteryx stock: headed to $213?

Given the company's momentum, new CEO, and current valuation, Citigroup analyst Tyler Radke likes Alteryx stock today.

In a note to investors on Tuesday morning, he pointed out that the company's early preview of third-quarter revenue shows that growth is "significantly" ahead of what analysts were expecting. In addition, he highlights Anderson's experience at scaling software companies to revenue greater than $1 billion. Today, Alteryx's annual revenue is less than $500 million.

Radke reiterated a buy rating for the stock and boosted his 12-month price target from $180 to $213.

Notably, Alteryx currently trades at about 20 times sales. While this certainly isn't cheap, it looks like a meaningful discount when compared with many other enterprise software-as-a-service companies.

While investors shouldn't rely solely on an analyst's price target for their buy decision, Radke's bullish view on the stock does put the spotlight on Alteryx during an exciting time for the company. Could a CEO change and accelerating revenue growth be the beginning of a new phase of rapid growth for Alteryx?

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.