What's Going On With UiPath Shares Thursday?

UiPath Inc PATH shares are trading lower Thursday on the heels of the company's first-quarter results. Barclays also lowered its price target following the print. 

What Happened: UiPath said first-quarter revenue increased 18% year-over-year to $289.59 million, which beat estimates of $271.13 million, according to Benzinga Pro. The company reported quarterly earnings of 11 cents per share, which beat estimates of 2 cents per share. 

Annual recurring revenue grew to $1.249 billion, up 28% year-over-year. Cash flow from operations came in at $67 million and free cash flow totaled $73 million.

"First quarter fiscal 2024 results reflect our focus on driving growth at scale and increasing profitability as we meaningfully expanded our operating margin and increased cash flow for the second consecutive quarter," said Rob Enslin, co-CEO of UiPath.

UiPath sees second-quarter revenue in the range of $279 million to $284 million versus estimates of $283.93 million. The company expects full fiscal-year 2024 revenue to be between $1.267 billion and 1.272 billion versus estimates of $1.25 billion.

Following the company's quarterly results, Barclays analyst Raimo Lenschow maintained UiPath with an Equal-Weight rating and lowered the price target from $17 to $16. Needham analyst Scott Berg reiterated a Buy rating and a $20 price target.

See Also: Nasdaq Futures Soar As Nvidia Sparks Tech Frenzy: Analyst Warns AI Optimism Masks Looming Earnings Recession

PATH Price Action: UiPath shares were down 9.98% at $14.71 at the time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.