Amplitude

AMPL · NASDAQ

$15.70+$0.52 (+3.43%)TodayMarket closed · Oct 20, 4:22 PM ET

Prev close $15.18

AMPL analyst rating

BuyConsensus of 11 analysts over the last 12 months. 82% rate it a buy.

Strong buy1
Buy8
Hold2
Underperform0
Sell0

12-month price target · 13 analysts

Average $14.51 (−7.6% downside)

Low: $11.11
Now: $15.70
High: $18.90

Upgrades and downgrades

The latest rating actions, newest first

AMPL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
BTIG	Oct 20, 2026	Maintains	Buy	$13.00 → $17.00	61%
B of A Securities	Oct 14, 2026	Maintains	Neutral	$14.00 → $16.50	60%
Piper Sandler	Sep 30, 2026	Maintains	Overweight	$13.00 → $18.00	73%
Morgan Stanley	Aug 13, 2026	Maintains	Overweight	$12.00 → $16.00	54%
Citigroup	Aug 7, 2026	Maintains	Neutral	$10.00 → $11.00	56%
DA Davidson	Aug 6, 2026	Maintains	Buy	$10.00 → $12.50	58%
UBS	Aug 6, 2026	Maintains	Buy	$8.50 → $13.00	48%
BTIG	Aug 6, 2026	Maintains	Buy	$10.00 → $13.00	61%
Piper Sandler	Aug 6, 2026	Maintains	Overweight	$11.00 → $13.00	73%
Piper Sandler	Jul 21, 2026	Maintains	Overweight	$9.00 → $11.00	73%

The case for and against

Updated Oct 14, 2026

Bull case

Amplitude is benefiting from improving organic growth, stronger enterprise execution, and a more disciplined go-to-market model, with enterprises now 68% of ARR and data utilization rising from about 60% in Q2 2024 to 85% currently. Its 2Q results were solid, with ARR up 22.4% year over year to $410M, revenue of $100.9M, and net new ARR of $36M, including $19M organic and $17M from Statsig, while 70% of ARR closed in the quarter used the new pricing model. The Statsig acquisition also expands cross-sell potential, and despite near-term gross margin pressure from inference costs, management's raised 2026 guidance implying about 19% growth supports confidence in a path toward low-20% growth and durable upside.

Bear case

Amplitude is facing a cautious fundamental setup despite 2Q revenue of $100.9M and 21.2% top-line growth, because that improvement was paired with weakening operating quality and a slight decline in retention, with NRR slipping to 105% from 106%. Gross margin compressed sharply to 70.7% from 74.8% as inference costs, data ingestion, and Statsig weighed on profitability, highlighting that growth is becoming more expensive to sustain. The company also remains exposed to regulatory risk, loss of larger customers, softer software spending in unfavorable economic conditions, and competitive pressure, any of which could undermine its SaaS recurring revenue base and ability to meet financial obligations.

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