Alteryx price target raised to $56 from $42 at Needham

Needham raised the firm’s price target on Alteryx to $56 from $42 and keeps a Buy rating on the shares. The analyst cites the recent Reuters report that a private equity consortium led by Insight and Clearlake were near a $5B deal to acquire the company, with “deal speculation” also fueled by reports that Co-Founder and Executive Chairman Dean Stoecker, who owns a majority of the voting rights, is willing to roll a portion of his stake. The firm further notes that its price target increase reflects Alteryx’s mid-teens ARR growth, operating margin expansion, and ramping free cash flow margin.