The bear market of 2022 was especially unkind to many cloud software stocks, but things started to look up for some of them in 2023. As measured by the First Trust Cloud Computing ETF, the cloud software stock sector is up over 30% through the first nine months of 2023. Alteryx (NYSE: AYX) got some bullish sentiment in the last month, including an analyst upgrade.
Shares of Alteryx (NYSE: AYX) dropped 28.8% last month, according to S&P Global Market Intelligence. The company's quarterly earnings results revealed dramatically slowing sales that came in well below expectations. Alteryx reported just 4% revenue growth in the second quarter, which was nearly 8% lower than Wall Street's expectation.
Palantir (NYSE: PLTR) and Alteryx (NYSE: AYX) both crunch massive amounts of information to help organizations make better data-driven decisions. Palantir's Gotham platform serves the U.S. military and other government agencies, while its Foundry platform provides commercial versions of those tools. Alteryx collects data from a company's various computing platforms, then cleans up and organizes that information so it can be easily fed to third-party data visualization services.