UiPath (NYSE:PATH) moves higher, faces stepped-up ARR hurdle for H2

NEW YORK, June 29, 2026, 14:06 EDT

• UiPath, Inc. NYSE:PATH rose 2.4% to $10.78 on the NYSE, trading near the move in Invesco QQQ Trust Series 1 NASDAQ:QQQ and ahead of SPDR S&P 500 ETF Trust (NYSEARCA:SPY).
• The stock was trading 6.0% under UiPath’s Q1 average buyback price of $11.47, but sat 11.9% above the $9.63 average paid in early May.
• UiPath’s guidance for the year suggests it needs to add $124 million to $134 million in net new ARR in the back half, if Q2 finishes in the guided range.
• Cash plus marketable securities make up about a quarter of the company’s implied $5.59 billion market value. That puts enterprise-value-to-ARR at roughly 2.2x.

UiPath, Inc. NYSE:PATH shares traded higher Monday, but investors looking past the uptick might notice the company still sits below where it bought back stock in Q1. Its annual recurring revenue forecast will put more pressure on results for the second half.

The New York Stock Exchange traded a normal session. NYSE says U.S. cash equities run from 9:30 a.m. to 4 p.m. Eastern. The next listed holiday is July 3, 2026, for Independence Day observed.

The stock’s move hasn’t closed the buyback gap. UiPath bought back 20.4 million Class A shares last quarter at an average of $11.47, then another 2.4 million from May 1 to May 15 at $9.63, its 10-Q shows. With shares at $10.78 Monday, that first block is still below water, but the May buyback is above cost.

The buyback is big enough that it’s moved the share count. At Jan. 31, UiPath had 472.3 million Class A shares and 64.7 million Class B shares out. As of May 29, those numbers were 453.4 million Class A and 64.7 million Class B. That’s a 3.5% fall in total Class A and B shares outstanding.

There’s a real cash hit here. The cash-flow statement lists $243.8 million spent on Class A stock buybacks for the quarter, with stock-based pay at $53.3 million. The buyback spend ran more than four times above stock comp.

ARR is the tougher metric. UiPath closed Q1 with $1.901 billion in ARR and set Q2 guidance at $1.929 billion to $1.934 billion. The company also gave a full-year fiscal 2027 ARR range of $2.058 billion to $2.063 billion. That puts implied Q2 net new ARR at $28 million to $33 million, leaving $124 million to $134 million to be added in Q3 and Q4.

Founder and CEO Daniel Dines said Q1 ARR rose 12% year over year to $1.901 billion, and agentic products are shifting from pilot to production. COO and CFO Ashim Gupta said UiPath posted first-quarter GAAP profit for the first time.

UiPath is getting some support from its customer numbers as it looks for better results later this year. In its Q1 presentation, the company said it had 2,624 customers with at least $100,000 in ARR, up from 2,365 last year. Customers with $1 million or more in ARR climbed to 374 from 316.

The ARR bridge matters because of the valuation. At Monday’s close of $10.78 and based on UiPath’s May 29 share count for both Class A and Class B, the market value comes out to about $5.59 billion. Taking out $1.42 billion in cash and marketable securities as of April 30, that puts the enterprise value at roughly $4.17 billion. That’s about 2.2 times Q1 ARR.

The tape was mixed across peers. UiPath outperformed some software and AI stocks, though it traded mostly in line with the Nasdaq. That puts the focus back on ARR and the buyback details, not the single-day jump.