The Collaborative International Dictionary of English v.0.48:

Overshoot \O`ver*shoot"\, v. t. [imp. & p. p. Overshot; p. pr.
   & vb. n. Overshooting.]
   1. To shoot over or beyond; to miss; as, to overshoot a mark;
      to overshoot the green in golf. "Not to overshoot his
      game." --South.
      [1913 Webster]

   2. Hence: To go beyond an intended point or limit; as, to
      overshoot the runway in landing an airplane; to overshoot
      the endpoint in a titration.
      [PJC]

   2. To pass swiftly over; to fly beyond. --Hartle.
      [1913 Webster]

   3. To exceed; as, to overshoot the truth. --Cowper.
      [1913 Webster]

   To overshoot one's self, to venture too far; to assert too
      much.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Overshoot \O`ver*shoot"\, v. i.
   To fly beyond the mark. --Collier.
   [1913 Webster]

WordNet (r) 3.0 (2006):

overshoot
    n 1: an approach that fails and gives way to another attempt
         [syn: overshoot, wave-off, go-around]
    v 1: shoot beyond or over (a target) [ant: undershoot]
    2: aim too high; "The plan overshoots its aim"