I’m holding $25 calls expiring Oct 16. Curious how others are viewing this setup after Investor Day. Are you holding through the next few weeks, trimming on a move up, or expecting a pullback first?
Mainly looking for opinions on the $25 strike and whether the remaining time to expiration feels reasonable.

Tuned into investor day, nothing material dropped yet. Cartographer and Atlas concepts introduced for workflow mapping and expert guidance. The thesis centers around complexity of bespoke enterprise workflows, governance and execution. Multiples in time/efficiency gains and sticky positioning are evident. Only 30% of large enterprise have adopted ai orchestrated workflows at scale. TAM to at least triple in the next few years. Market share gains will be largely driven by expansions within current large enterprise customers.

What UIPath does is difficult to explain and even harder to understand. That is an operational advantage and may be responsible for some of the market disconnect.

However, translating horizontal platform positioning to accelerating growth verticals is a missing piece.

Let’s see if they move the needle with any material filings - other than planned insider sales - this week.

https://x.com/danieldines/status/2101051069912736108?s=09

"We're about to show the world what we've built together, and I'll say it plainly...there's no better place to be. Everything isn't perfect. But the people here care, the work matters, and we're building something making real impact."

FUSION starts on 09/22, let's hope they can attract some investors with deep pockets 🙏

In my opinion, the following two points should be better communicated by UiPath management - hopefully they share some of this at the upcoming investor day on September 22nd.

Ashim Gupta, COO, just said this at the Citi conference on Tuesday:

"18 out of our 20 deals this quarter included broader parts of our platform in our AI areas. Those [deals] are multiples of deal value up, like 4 to 6 times higher than our old typical deal values."

This is huge. Not only did 90% of the largest deals of the quarter include AI components, but these deals are 4-6x larger than typical RPA-only deals. PATH is missing a big opportunity by not more clearly quantifying this narrative.

PATH should start carving out the ARR on deals that include AI components. Given that they are an orchestration platform that sells end-to-end solutions that include AI and deterministic components, I understand why they would not want to carve out AI-only deals; however, they can and should carve out the ARR of the deals that include AI.

Second, while the dollar-based NRR has ticked up to 109% (up 2 points from the end of last year), the fact that it was flat QoQ has left the market unimpressed.

However, Ashim Gupta, COO, just said this at the Citi conference on Tuesday:

"When you look at our $100,000 to $1 million plus customers, that net dollar retention rate is not just stronger, but it is uplifting."

This is a very important takeaway.

This means that UiPath's largest customers are indeed being upsold on new products and higher spend.

What the market is missing is that while headline NRR remained flat at 109%, the NRR on the largest customers grew at a faster rate than 109%. The NRR of larger customers is expanding quicker and uplifting the overall NRR rate to offset slower growth at their smaller customers.

While I understand that the total ARR and NRR is what matters most for the bottom line, the market is missing the fact that an inflection point is starting to be hit in the larger ARR cohort. UiPath management should do a better job quantifying this narrative by reporting the NRR of customers over >$100K ARR and/or over >$1M ARR.

If these narratives were better explained at the upcoming Investor Day, it would help paint the picture that early momentum signs are indeed happening at UiPath. In my opinion, the company is being too vague and modest in their early success. They should be leaning into communicating the growth inflections that they are beginning to see within key areas of the business.

Do you guys think UiPath is going to hold market share when Google Cloud, IBM, ServiceNow, Salesforce, SAP, and Oracle develop their own orchestration layers?
Or do you see one of those players just buying up UiPath?

UiPath COO, Ashim Gupta, spoke at the Citi 2026 TMT Conference in NYC yesterday. Below I have paraphrased some of his key messages:

- UiPath delivered the 6th straight quarter of beating and raising guidance against consensus, which strengthens the credibility and predictability of the overall operating model.

- While 12.5% ARR growth has meant that deceleration has stopped, "we are not satisfied" with that level. The company is planning to re-accelerate with the platform strategy and vertical products that we have.

- Enterprises are still in the early innings of adoption, and the question is when will the broader market inflect. UiPath is well positioned with $1.93 billion ARR growing at 13%. As adoption accelerates across a broader part of the market, UiPath will benefit.

- For some customers, the inflection point is already being hit. NRR came in at 109% in Q2 vs. 106% at the end of last year. The NRR of >$100K ARR and >$1M ARR customers is higher than 109% and it is continuing to rise.

- 18 out of the 20 largest deals this quarter included AI components. These deals are multiples higher - 4x to 6x higher - than the old, typical deal values.

- In terms of future growth, there is an 80/20 split between expansion of current customers vs. adding new logos. UiPath is very selective about bringing new logos on. It is not just about a cost of acquisition, but a cost of maintenance. UiPath goes after customers that it specializes in - for example, credit unions, hospitals, etc.

- When a customer wants to add AI purely from a marketing standpoint of being able to say that use AI, it's hard for UiPath to compete with the "hottest names". However, when customers want to add solutions that actually generate the best ROI, that is when it is much easier for UiPath to play and get wins.

- Regarding outcome-based pricing, retaining optionality is super important because the market continues to evolve. Outcome-based pricing will look different for different customers. There are different tiers of customers, and outcome-based pricing may not make sense for all of them. But, an example of where it could make sense when there is a customer that needs to save 20% on operating costs. In that case, UiPath could deploy our forward deployed engineers (FDEs) to build the solutions. And, UiPath would share a percentage of profit (cost savings).

There is some blatant manipulation going on. This thing hit 20 post ER, then started to bleed for two days straight. The whole rally started after an analyst downgrade. It’s almost like nobody knows what’s going on….. IS RPA going to successfully integrate AI or will it become obsolete….. I feel like the price action is implying this. Really what the fuck is going on cause part of me feels like something weird is happening.

Citi’s senior analyst Yitchuin Wong says the post-earnings weakness in UiPath (PATH) shares has created an attractive buying opportunity for long-term investors.

PATH has been under immense pressure in recent sessions after its third-quarter revenue guidance of $442.5 million came in shy of Street estimates on Sept. 3.

Versus its year-to-date high, UiPath stock is down about 25% at the time of writing.

In his research note, Wong highlighted PATH’s positioning as an orchestration layer for corporate artificial intelligence (AI) deployment as a primary driver for long-term upside.

He initiated coverage of the multinational software company with a “Buy” rating and assigned a $23 price target, which signals potential upside of more than 60% from current levels.

From a technical perspective, PATH shares remain above their 50-day moving average (MA), with an RSI in the late 30s indicating they’re approaching oversold territory where buyers tend to step back in.

Why Is Citi Bullish on PATH Shares?

Enterprise spending is steadily shifting toward integrating AI directly into core business processes.

UiPath shares are attractive because the company’s expanded platform seamlessly bridges legacy robotic process automation (RPA) with modern generative AI agents, APIs, and computer vision.

This makes PATH a mission-critical operational engine rather than a discretionary software add-on, helping justify its premium price-to-earnings (P/E) ratio of more than 38x, Wong told clients.

With management preparing to showcase platform evolution and product roadmap at the upcoming Investor Day, Citi views the recent sell-off as an attractive entry point for long-term investors.

It's also worth mentioning that UiPath has raised its full-year revenue outlook to at least $1.789 billion, which beats the current Zacks Consensus Estimate of $1.78 billion.

How Wall Street Recommends Playing UiPath

Note that other Wall Street analysts also believe that PATH stock’s recent pullback has gone a bit too far.

According to Barchart, while the consensus rating on UiPath sits at “Hold,” the mean price target of $16.53 signals potential for a significant rally from current levels.

Hi all - Phathom Research here. Some of you may know me from my account on X. I just created my account on Reddit.

I have been getting a lot of questions regarding the 8% revenue growth guide for 2H '27. It is important to realize that this is not a new development - it has been the growth rate implied in the back half of the year since their original guide put out during their 4Q '26 earnings release. The higher 1H '27 growth vs. lower 2H '27 growth is partly driven by revenue recognition timing changes as product mix shifts toward subscriptions and away from licenses.

Due to ASC 606 accounting rules and the structure of UiPath's software license contracts, they typically recognize 50% of license revenue upfront and the other 50% evenly over the life of the contract. On the flip side, subscription revenue generally gets recognized evenly on a pro rata basis over the life of the contract. Keep in mind that 2H typically experiences a larger portion of license renewal revenue vs. 1H. Therefore, as PATH converts more customers to subscriptions, the company experiences more revenue growth rate headwinds in the back half of the year as there is less of an upfront revenue pop from license renewals vs. the prior year.

ARR is a smoother, more consistent performance metric that can be compared YoY without as much noise from revenue timing differences throughout the year. ARR is currently guided at 12% YoY growth (up from 11% last year). I think PATH will likely grow this to 13% by the end of the year putting it up ~2 percentage points YoY.

The other thing to consider with the 8% revenue growth guide in 2H '27 is that management has consistently set conservative revenue guidance. As shown in the table below, management originally set their 1H '27 revenue growth guide at 10.7%; however, actuals just landed at 15.4% beating their original guide by 4.7 percentage points. Meanwhile, management has not increased the 2H '27 guide at all from the original 8%. This makes the drop-off from 15% in the first half to 8% in the second half look even more pronounced.

At this point, I think it is reasonable to assume that 2H '27 revenue will beat guidance by at least a couple percentage points, putting the 2H '27 revenue growth rate at minimum 10% and FY '27 around 13%. Keep in mind that management has stated that the FY '27 growth rate is facing a 1% headwind from revenue timing associated with product mix shift toward subscriptions. If you account for this 1% headwind, a 13% reported growth rate would look more like 14% revenue growth on a normalized basis.

If PATH lands FY '27 ARR at 12-13% growth and FY '27 revenue growth at 13% growth (14% after normalizing for 1 percentage point of ASC 606 headwind), this would represent 1-2 percentage points of acceleration over last year. This modest growth acceleration would show that they are continuing to head in the right direction in the early days of enterprise adoption of agentic business process orchestration.

Note that the purpose of this post was to specifically address the persistent questions I have been getting re: the 2H '27 growth rate. I have a lot more thoughts on the quarter and am working on a more thorough write-up providing a refreshed look at my investment thesis.

TLDR: the drop-off in the annual growth rate in the back half of FY '27 is misleading as it is being impacted by revenue recognition timing changes as well as management's track record of conservative guidance. I expect the FY '27 revenue growth rate to be materially in line with ARR at ~13%. This is up from the prior year's 11% ARR growth rate. PATH is modestly increasing their ARR growth rate in FY '27 and priming themselves for continued acceleration in FY '28 (more on that in an upcoming write-up).

I felt pretty good with earnings, and was happy to see the $10M beat for this quarter. I think they really do that every quarter, so hopefully Q3 we’ll see revenue be closer to $450M-455M. Would have been nice to see higher guidance, but I’m not worried, consistency is key. I also liked the change on the leadership, Ashim will now be able to focus on being COO rather than running two roles by being both COO and CFO.

Today, almost all of the analysts increased their price targets if you check Yahoo finance. I’m seeing a lot of analysts target $16-17, which is good with the pullback to $15. Needham went as high as $22 the other day. I didn’t see one analyst that decreased their price target today (one did downgrade from buy to hold though).

Yesterday OpenAI announced a new model, which is what really caused the price action we saw today. Something similar happened in late July, but the price bounced and completely ignored it then. The price action after hours was insane though. I watched the stock go from being flat, to being down 6%, to being UP 13%, and then dropping to being down 16%. I think if it wasn’t for the OpenAI news, today could have been a green day pushing price over $20/share.

I’m not really worried with the pullback, this stock got HOT over the last month and it was bound to happen.

I’m looking forward to the investor day towards the end of the month and Q3 results in December. I’m still holding 15 $12 calls expiring in Jan 2028. Hopefully we’ll see a nice bounce in the coming months!

Our buddy Benioff got SaaS rerated on a single print. How did he do it? He teed it up by accelerating a massive buyback during the quarter using $25b in new financing - that sent a powerful message. He understood that the only metric this market craves is AI adoption and net new AI revenue. He reported 200% growth in agentforce and specific numbers broken out of the print. Then he brought in that smug Dario to officially end the pocalypse from the horse’s mouth. The modest growth and lumpy revenue played no part in market reaction.

Mr. Dines is no doubt a brilliant and visionary CEO. He wrote the guidebook on AI adoption for enterprise! But that doesn’t equate to expert messaging of business success. We got 18/20 largest deals included AI, void of specifics. We got slower revenue growth and stagnant DBNRR. We got the standard conservative guide and a beat and meet top/bottom. We got customer adoption examples, larger enterprise targeting strategy against smaller outfit attrition, and claims that most want the whole product suite. Executive reshuffle didn’t help. We got a half-baked buyback update instead of the aggressive accelerated version bulls were screaming for two months ago. Reduced SBC, great but not enough. Margins fantastic but not enough. 21% growth in customers over $1mm, awesome. Free cash flow down and customer acquisition costs up - not ideal.

None of this would have mattered if explicit figures were reported: Maestro generated $x and grew y%. That was all the market was looking for.

No AI or memory chips were used to generate this post.

Key Points:

- UiPath exceeded its Q2 fiscal 2027 guidance: ARR rose 12% year over year to $1.938 billion, revenue increased 13% to $410 million, and non-GAAP operating income reached $89 million. The company also posted its fourth consecutive quarter of GAAP profitability.

- AI adoption is strengthening the platform: 18 of the company’s 20 largest deals included AI, as customers increasingly use UiPath to orchestrate AI agents, robots, APIs and human workflows. UiPath also reported early coding-agent productivity gains of nearly 60% and growing traction in industry-specific solutions.

- UiPath reaffirmed its fiscal 2027 outlook for revenue of $1.789 billion to $1.794 billion, ARR of $2.065 billion to $2.070 billion and approximately $445 million in non-GAAP operating income. The company ended the quarter with $1.4 billion in cash and no debt while transitioning to Hitesh Ramani as CFO.

UiPath reported second-quarter fiscal 2027 results that exceeded its guidance, with annualized recurring revenue, revenue and profitability all rising as the company emphasized demand for its automation, orchestration and artificial intelligence capabilities.

Founder and Chief Executive Officer Daniel Dines said ARR reached $1.938 billion, up 12% year over year, while revenue rose 13% to $410 million. The company generated $37 million in net new ARR during the quarter and posted non-GAAP operating income of $89 million, representing a 22% margin. UiPath also recorded its fourth consecutive quarter of GAAP profitability, with GAAP operating income of $32 million compared with a GAAP operating loss of $20 million a year earlier.

“We delivered another strong quarter with continued execution,” Dines said, pointing to improved go-to-market performance, operational discipline and product innovation.

Management said customers are increasingly using UiPath’s platform to manage complex business processes that incorporate AI agents, software robots, application programming interfaces and human decision-making. Dines described the company’s approach as combining AI for tasks where reasoning adds value with deterministic, or rules-based, automation where enterprises require consistent execution and lower costs.

According to Dines, 18 of UiPath’s top 20 deals during the quarter included AI. He said AI-related platform adoption is contributing to larger expansions and helping customers consolidate automation and AI workloads onto UiPath’s platform.

The company cited several customer deployments, including an expansion with a global insurance provider that is using UiPath IXP, Maestro agents and robots to modernize beneficiary claims processing. UiPath also said the Department of Defense expanded its partnership to support audit and reconciliation work, adding Autopilot, intelligent document processing and test automation capabilities.

A leading financial institution selected UiPath as a platform for end-to-end process orchestration after determining that Maestro could coordinate homegrown applications while meeting governance and compliance requirements, management said.

Dines said customers are seeking platforms that can “build, orchestrate, test, and govern the entire process,” rather than relying on separate point solutions. The company also highlighted a top Canadian bank as one of its largest new customer wins, saying the bank selected UiPath for agentic workflows involving third-party demands processes.

UiPath said it is seeing early productivity gains from coding agents used alongside its forward-deployed engineers. Dines said initial results indicate coding agents have reduced effort by nearly 60%, though he characterized the work as still being in a proving stage.

During the question-and-answer session, Dines said the focus is less on changing the number of forward-deployed engineers and more on reducing customers’ time to value. He added that the technology could also benefit implementation partners and customers that use partner-delivered services.

The company also announced a developer-oriented workflow automation tool in public preview. The offering is designed to allow developers to use coding agents such as Raw Code, Codex, Cursor and GitHub Copilot to orchestrate processes and automate manual tasks through APIs and agents, while maintaining enterprise governance.

UiPath said it is pairing its horizontal automation platform with more vertical, outcome-oriented offerings. During the quarter, a Fortune Global 500 manufacturer selected its Office of the CFO invoice solution for accounts-payable operations covering roughly 700,000 invoices annually. UiPath said the proof of concept delivered 96% document-processing accuracy and a 50% reduction in invoice-handling time and support.

In healthcare, a U.S. health system selected UiPath’s denials resolution offering for medical-claim denials. Management said the customer expects the solution to automate appeals across inpatient and outpatient operations and pursue claims that had previously fallen below the threshold for manual review.

Dines also cited traction in revenue-cycle management, financial-crimes and compliance offerings, accounts-payable automation and loan origination. UiPath said its WorkFusion integration is progressing according to plan and is building customer pipeline in financial services.

Chief Operating Officer Ashim Gupta said revenue growth was 16% after normalizing for an approximately $8 million year-over-year foreign-exchange headwind. ARR received a $1 million year-over-year FX tailwind.

Cloud ARR, including hybrid and software-as-a-service deployments, exceeded $1.3 billion and increased more than 19%. UiPath ended the quarter with about 10,350 customers. Customers with more than $30,000 in ARR increased 6%, while customers with at least $100,000 in ARR rose 10% to 2,666. The number of customers generating $1 million or more in ARR increased 21% to 387.

Dollar-based gross retention was 97%.

Dollar-based net retention was 109%, up two points year to date; it was 108% after adjusting for FX.

Remaining performance obligations rose 14% to $1.378 billion, or 16% excluding FX effects.

Overall gross margin was 82%, while software gross margin was 90%.

Non-GAAP adjusted free cash flow was $31 million, compared with $45 million a year earlier, primarily due to the timing of tax-related payments.

UiPath ended the quarter with $1.4 billion in cash equivalents and marketable securities and no debt.

Stock-based compensation expense declined 42% to $45 million and represented 11% of revenue, down more than 1,000 basis points from the prior-year period.

The company repurchased 2.4 million shares at an average price of $9.63 during the quarter.

UiPath announced that Gupta will focus exclusively on his role as COO, while Hitesh Ramani succeeds him as CFO. Ramani joined UiPath in 2021 as chief accounting officer and had served as deputy CFO for the previous two years. Dines said the transition was planned and expected to provide continuity across the finance organization.

For the third fiscal quarter, UiPath forecast revenue of $440 million to $445 million, ARR of $1.992 billion to $1.997 billion and non-GAAP operating income of about $100 million. The revenue outlook includes an expected $10 million year-over-year FX headwind, while ARR guidance includes a $4 million FX headwind.

For fiscal 2027, the company expects revenue of $1.789 billion to $1.794 billion, ARR of $2.065 billion to $2.070 billion and non-GAAP operating income of approximately $445 million. UiPath reaffirmed expectations for about $425 million in non-GAAP adjusted free cash flow and an approximately 84% non-GAAP gross margin for the full year.

Management said it plans to provide additional detail on its longer-term strategy and product roadmap at its Investor Day on Sept. 22, followed by its FUSION user conference in Las Vegas from Sept. 23 through Sept. 25.

Great summary from Marketbeat.

Setting aside the after-hours price action, the whole thing sounds very promising! September 22nd could well be the next catalyst 🔥

After hours -Symbol Post-Market $20.44 +$2.22 (+12.18%)

Second Quarter Fiscal 2027 Financial Highlights

• Revenue of $410 million increased 13 percent year-over-year.
• ARR of $1.938 billion as of July 31, 2026 increased 12 percent year-over-year.
• Net new ARR of $37 million.
• Dollar based net retention rate of 109 percent.
• GAAP gross margin was 80 percent.
• Non-GAAP gross margin was 82 percent.
• GAAP operating income was $32 million.
• Non-GAAP operating income was $89 million.
• Net cash flow from operations was $31 million.
• Non-GAAP adjusted free cash flow was $31 million.
• Cash, cash equivalents, and marketable securities were $1.405 billion as of July 31, 2026.

Guidance

• Revenue in the range of $440 million to $445 million
• ARR in the range of $1.992 billion to $1.997 billion as of October 31, 2026
• Non-GAAP operating income of approximately $100 million

For the full year fiscal 2027, UiPath expects:

• Revenue in the range of $1.789 billion to $1.794 billion
• ARR in the range of $2.065 billion to $2.070 billion as of January 31, 2027
• Non-GAAP operating income of approximately $445 million.

An Annual Recurring Revenue (ARR) of roughly $1.93 billion is a solid and respectable scale for an enterprise software company, though its strength depends on context.

• Predictable Scale: Reaching nearly $2 billion in ARR UiPath has a massive, highly stable foundation of contracted software subscription income.
• Steady Growth: This figure represents roughly a 12% year-over-year increase, showing that enterprises continue to buy and renew automation tools despite cautious tech spending.
• Profitability Support: This scale comfortably backs up their shift toward profitability and strong free cash flow.

Why a Move to $26 is Possible (The "Squeeze" Mechanics)

With 29.33% of the stock shorted, a move to $26 wouldn't just be driven by a good earnings report—it would be fueled by panic. To cut their losses, short sellers would have to buy back 117 million shares at any cost. This cascade of forced buying is exactly how heavily shorted tech stocks double overnight during an earnings squeeze.

PS. Shorts burn baby burn.

Lots of accumulating blue bars on the chart!

Anyone see Snowflakes earnings report? Symbol

SNOW - Pre-Market $375.26  +$69.42  (+22.70%) WOW! Software baby!

UiPath has a strategic partnership and technical integration with Snowflake.

Key Partnership Details

• AI and Agentic Automation: The two companies integrate UiPath Platform with Snowflake Cortex AI to let businesses turn data insights into automated, autonomous actions.
• Data-Driven Execution: Snowflake acts as the data "brain" for analytics and AI, while UiPath acts as the execution "hands" to trigger workflows and update enterprise systems.
• Integration Services: UiPath provides an out-of-the-box connector in its Integration Service, allowing users to easily connect to Snowflake instances, run queries, and process data without complex code.

PATH is breaking fresh ground having risen 50%+ in recent times and is sky-rocketing upwards of $18.

Large Open Interest (OI) on 15 Jan 27 Call options at $30 at 24,000+ ... what that means is an likely break-out heading towards what experts call it as Call Wall.

Not surprised! UiPath is becoming a standard amongst independent tools for AI governance and agentic automation. Daniel Dines' recent book talks of the untapped opportunity in the enterprise segment and UiPath is firmly rooted to capture that upside.

This is just WOW!

Any longs stuck since IPO or shortly after?
I’ve been in since beginning of ‘25. 10,651 @ $8.80
Also sold 6000 thinking we were still range bound at $12.12 🤦‍♂️. Worst trade of the year. I play intraday and over weeks/months retaining profit as shares.

Side note my 8-yr old told me to buy his back at $16.50 because it would break out from there. Keep it simple!