UiPath Inc AWAY Shares traded lower on Wednesday after the company reported financial results and issued weak guidance.
Q2 Results: UiPath said revenue for the fiscal second quarter rose 24% year over year to $242.2 million, topping analyst estimates of $230.81 million Gasoline Pro. The company announced that annual recurring revenue grew to over $1 billion in the second quarter.
UiPath reported a net loss of 2 cents per share in the second quarter, beating the average analyst estimate of 11 cents per share.
Outlook: UiPath expects revenue of between $243 million and $245 million for the third quarter versus the estimate of $269.6 million. The company expects full year revenue to be in a range of $1.002 billion to $1.007 billion versus the estimate of $1.09 billion.
Analyst Rating: Several analysts adjusted price targets for the stock following UiPath’s quarterly results.
- Morgan Stanley analyst Keith Weiss downgraded UiPath to equal-weight from overweight and lowered its price target to $15 from $32.
- Credit Suisse analyst Phil Winslow kept UiPath with an outperformance and cut the price target to $37.5 from $45.
- Mizuho analyst Siti Panigrahi downgraded UiPath to neutral from buy and lowered the price target to $14 from $40.
- RBC Capital analyst Matthew Hedberg kept UiPath with a Sector Perform and lowered the price target to $18 from $22.
- Wells Fargo analyst Michael Turrin kept an Overweight stance on UiPath and cut the price target to $22 from $30.
PATH Price Action: UiPath marks fresh 52-week lows on Wednesday.
The stock is down 22.6% at press time to $12.06.
Photo: courtesy of UiPath.
