UiPath, Inc. (NYSE:PATH) shares are down Friday, reversing from earlier strength after the company posted better-than-expected second-quarter financial results after Thursday's closing bell.
The Details:
UiPath beat analyst expectations on the top and bottom lines with revenue growth of more than 10% year-over-year. The company also announced a $500 million expansion to its share repurchase program and issued fiscal year revenue guidance above estimates.
Multiple analysts raised price targets on the stock following the print:
- Barclays maintained UiPath with an Equal-Weight and raised its price target from $14 to $15.
- BMO Capital analyst Keith Bachman maintained a Market Perform rating and raised the price target from $14 to $15.
- B of A Securities analyst Brad Sills maintained a Neutral rating and raised the price target from $16 to $18.
- Evercore ISI Group maintained UiPath with an In-Line rating and raised its price target from $13 to $16.
- Wells Fargo analyst Michael Turrin maintained an Equal-Weight rating and raised the price target from $14 to $15.
According to data from Benzinga Pro, UiPath shares have already surpassed the stock's average daily trading volume and 12.05% of shares are being sold short.
Will PATH Stock Go Up?
When trying to assess whether or not UiPath will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $15.33 on UiPath. The Street high target is currently at $18 and the Street low target is $14. Of all the analysts covering UiPath, no one has positive ratings, 9 have neutral ratings and no one has negative ratings.
In the last month, 9 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering UiPath have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. UiPath is 44.87% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about UiPath, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
PATH Price Action: According to Benzinga Pro, UiPath shares are down 5.11% at $12.09 at the time of publication Friday.
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Image: Courtesy of UiPath, Inc.
