UiPath Inc. disappointed Wall Street with its path forward in an investor-day presentation, sending shares down more than 5% in Wednesday trading.
The company has seen its stock fall nearly 80% since its initial public offering in April.
Mizuho analyst Siti Panigrahi, who had downgraded the stock early in September to neutral with a price target of $14, foresaw that the ARR forecast would be affected by the sales reorganization. In a preview of fiscal 2024 during the Tuesday event, Ashim Gupta, UiPath’s chief financial officer, told analysts that while up to 25% year-over-year revenue growth was possible, expected software-as-a-service headwinds of about 500 basis points and foreign-exchange headwinds of about 200 basis points result in an anchor forecast of 18% growth, or about $1.19 billion in revenue.“That accounts for the choppy macroenvironment which we’re in,” Gupta told analysts.
“Though management emphasized a focus on ‘reaccelerating’ growth, we believe it will take time and there is some wood to chop given the expected deceleration in its medium-term ARR trajectory,” Murphy said, adding, “[We] see a material improvement in the company’s glide path taking multiple quarters to materialize, particularly as the competitive landscape continues to evolve.”
Evercore ISI analyst Kirk Materne, who has an in-line rating and a $19 price target, stressed that he is bullish about UiPath as a “long-term opportunity” and that executives gave “a compelling presentation” on Tuesday, but he underscored that the organizational changes under way “remain an overhang.”
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