UiPath Faces Price Target Cuts By Analysts Following Q2 Results, Shares Plummet

UiPath Inc PATH reported upbeat results for its second quarter, but issued weak guidance.

UiPath said it expects fiscal third-quarter revenue to be between $243 million and $245 million versus the estimate of $269.6 million. The company sees full-year revenue in a range of $1.002 billion to $1.007 billion versus the estimate of $1.09 billion.

UiPath shares dipped 14.4% to $13.34 on Wednesday.

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Several analysts made changes to their price targets on UiPath today.

• Morgan Stanley cut the price target on the stock from $32 to $15. Morgan Stanley analyst Keith Weiss downgraded the stock from Overweight to Equal-Weight.
• Needham lowered price target on the stock from $40 to $20. Needham analyst Scott Berg maintained UiPath with a Buy.
• Credit Suisse lowered the price target on the stock from $45 to $37.5. Credit Suisse analyst Phil Winslow maintained an Outperform rating on the stock.
• Mizuho cut the price target on the stock from $40 to $14. Mizuho analyst Siti Panigrahi also downgraded the stock from Buy to Neutral.
• RBC Capital lowered UiPath’s price target from $22 to $18. RBC Capital analyst Matthew Hedberg maintained a Sector Perform rating on the stock.
• Cowen & Co. lowered UiPath’s price target from $27 to $20. Cowen & Co. analyst Bryan Bergin  maintained an Outperform rating on the stock.
• Wells Fargo lowered UiPath’s price target from $30 to $22. Wells Fargo analyst Michael Turrin maintained an Overweight rating on the stock.