UiPath Stock Is Soaring Today: What's Going On?

UiPath Inc PATH shares are holding gains in early trading Thursday after shares popped late Wednesday following the company's better-than-expected financial results and strong guidance. Multiple analysts raised price targets following the print.

• Q4 Revenue: $308.55 million beat estimates of $278.62 million
• Q4 EPS: 15 cents beat estimates of 6 cents

UiPath said fourth-quarter revenue jumped 7% year-over-year, while annual recurring revenue climbed 30%. 

The company generated $94 million in cash flow from operations during the quarter and $101.2 million in adjusted free cash flow, driven by revenue outperformance and disciplined cost management.

Guidance: UiPath sees first-quarter revenue between $270 million and $272 million versus estimates of $269.14 million. The company expects the fiscal year 2024 revenue to be between $1.253 billion and $1.258 billion versus estimates of $1.21 billion

"We enter fiscal year 2024 with the rollout of our new go-to-market initiatives on schedule and building momentum as both customers and partners see the positive impact our Business Automation Platform can have on their employees, customers, and businesses," said Rob Enslin, co-CEO of UiPath.

Analyst Changes:

• Barclays analyst Raimo Lenschow maintained an Equal-Weight rating and raised the price target from $13 to $17.
• Needham analyst Scott Berg reiterated a Buy rating and a $20 price target.
• Morgan Stanley analyst Keith Weiss maintained an Equal-Weight rating and raised the price target from $15 to $16.
• RBC Capital analyst Matthew Hedberg maintained a Sector Perform rating and raised the price target from $15 to $17.

Related Link: Where UiPath Stands With Analysts

PATH Price Action: UiPath has a 52-week high of $31.87 and a 52-week low of $10.40.

The stock was up 15.2% at $16.86 at the time of writing, according to Benzinga Pro.

Photo: courtesy of UiPath.