UiPath Inc. (NASDAQ:PATH – Get Rating)’s stock price traded down 3.5% during trading on Wednesday after Evercore ISI lowered their price target on the stock from $57.00 to $36.00. The stock traded as low as $30.01 and last traded at $30.30. 30,445 shares were traded during mid-day trading, a decline of 99% from the average session volume of 4,646,701 shares. The stock had previously closed at $31.40.
PATH has been the subject of several other reports. Macquarie raised shares of UiPath from a “neutral” rating to an “outperform” rating in a research report on Tuesday, January 25th. Truist Financial dropped their target price on shares of UiPath from $82.00 to $75.00 and set a “buy” rating for the company in a research report on Thursday, December 9th. The analyst says his price target cut reflects his updated discount cash flow model, but he also recommends that investors take advantage of the broad weakness that has impacted software as an attractive buying opportunity to buy UiPath for its long-term compounding growth story. Tillman further points to the company’s record net new ARR, “constructive” Q4 outlook, and a variety of new innovations in the pipeline such as automation bots for Mac users, multi-cloud multi-platform capabilities, automation cloud traction, and task/process mining. Morgan Stanley raised shares of UiPath from an “equal weight” rating to an “overweight” rating and set a $74.00 target price for the company in a research report on Friday, December 3rd. KeyCorp decreased their price target on shares of UiPath from $86.00 to $69.00 and set an “overweight” rating for the company in a research note on Thursday, December 9th. They noted that the move was a valuation call. Finally, Wells Fargo & Company decreased their price target on shares of UiPath from $60.00 to $45.00 and set an “overweight” rating for the company in a research note on Tuesday, March 15th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $63.05.
In related news, EVP Ted Kummert sold 17,278 shares of the firm’s stock in a transaction that occurred on Monday, January 3rd. The shares were sold at an average price of $43.26, for a total value of $747,446.28. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Ashim Gupta sold 24,546 shares of the firm’s stock in a transaction that occurred on Monday, January 3rd. The stock was sold at an average price of $43.26, for a total transaction of $1,061,859.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 206,730 shares of company stock worth $8,074,148.
A number of large investors have recently modified their holdings of the business. ARK Investment Management LLC lifted its holdings in UiPath by 12.4% during the fourth quarter. ARK Investment Management LLC now owns 26,902,940 shares of the healthcare company’s stock valued at $1,160,324,000 after purchasing an additional 2,969,072 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in UiPath by 24.8% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,615,356 shares of the healthcare company’s stock valued at $759,750,000 after purchasing an additional 3,500,987 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in UiPath by 17.2% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 16,513,378 shares of the healthcare company’s stock valued at $718,662,000 after purchasing an additional 2,419,307 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in UiPath by 72.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,437,445 shares of the healthcare company’s stock valued at $277,647,000 after purchasing an additional 2,697,742 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in UiPath by 40.7% during the fourth quarter. BlackRock Inc. now owns 5,217,393 shares of the healthcare company’s stock valued at $225,025,000 after purchasing an additional 1,510,056 shares in the last quarter. 51.80% of the stock is currently owned by institutional investors and hedge funds.
The firm’s 50-day moving average price is $32.76 and its 200-day moving average price is $42.95.
UiPath Company Profile (NASDAQ:PATH)
UiPath Inc provides an end-to-end automation platform that offers a range of robotic process automation (RPA) solutions primarily in the United States, Romania, and Japan. It develops UiPath Studio, a platform designed for RPA developers looking to build complex process automations with built-in governance capabilities, such as robust debugging tools, application programming interface automation, wizards to automate desktop or web applications, leverage custom code, and to integrate machine learning models into production workflows.