DnB Asset Management AS Increases Stake in UiPath Inc. (NYSE:PATH)

Posted by Defense World Staff on Sep 20th, 2023

DnB Asset Management AS boosted its stake in shares of UiPath Inc. (NYSE:PATH – Free Report) by 48.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 117,309 shares of the healthcare company’s stock after acquiring an additional 38,281 shares during the quarter. DnB Asset Management AS’s holdings in UiPath were worth $1,944,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PATH. Belpointe Asset Management LLC purchased a new stake in shares of UiPath in the fourth quarter valued at approximately $27,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of UiPath in the first quarter valued at approximately $27,000. Manchester Capital Management LLC purchased a new stake in shares of UiPath in the first quarter valued at approximately $31,000. Quarry LP purchased a new stake in shares of UiPath in the first quarter valued at approximately $36,000. Finally, Quadrant Capital Group LLC boosted its stake in shares of UiPath by 247.2% in the fourth quarter. Quadrant Capital Group LLC now owns 3,097 shares of the healthcare company’s stock worth $39,000 after acquiring an additional 2,205 shares during the last quarter. 59.04% of the stock is currently owned by hedge funds and other institutional investors.

UiPath Stock Down 2.0 %

NYSE:PATH opened at $17.06 on Wednesday. UiPath Inc. has a 52 week low of $10.40 and a 52 week high of $19.94. The company has a market capitalization of $9.67 billion, a P/E ratio of -53.31 and a beta of 0.69. The stock’s fifty day moving average is $16.63 and its two-hundred day moving average is $16.28.

UiPath (NYSE:PATH – Get Free Report) last posted its earnings results on Wednesday, September 6th. The healthcare company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.05. The company had revenue of $287.31 million for the quarter, compared to the consensus estimate of $281.48 million. UiPath had a negative return on equity of 7.49% and a negative net margin of 15.47%. The company’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.18) earnings per share. Sell-side analysts anticipate that UiPath Inc. will post -0.28 earnings per share for the current fiscal year.

Insider Activity at UiPath

In related news, Director Rich Wong sold 56,549 shares of the business’s stock in a transaction on Tuesday, July 11th. The stock was sold at an average price of $17.97, for a total value of $1,016,185.53. Following the sale, the director now owns 879,693 shares in the company, valued at approximately $15,808,083.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Ashim Gupta sold 40,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $15.52, for a total value of $620,800.00. Following the sale, the chief financial officer now owns 1,344,047 shares in the company, valued at approximately $20,859,609.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Rich Wong sold 56,549 shares of the company’s stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $17.97, for a total value of $1,016,185.53. Following the sale, the director now owns 879,693 shares in the company, valued at approximately $15,808,083.21. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 176,549 shares of company stock worth $3,069,786. 31.03% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PATH shares. Royal Bank of Canada lifted their price target on UiPath from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Thursday, September 7th. DA Davidson lifted their price target on UiPath from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Thursday, September 7th. Canaccord Genuity Group lifted their price target on UiPath from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, September 7th. BMO Capital Markets lifted their price target on UiPath from $18.00 to $19.00 and gave the stock a “market perform” rating in a research note on Thursday, September 7th. Finally, Macquarie boosted their price objective on UiPath from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Thursday, September 7th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $19.84.

View Our Latest Report on UiPath

UiPath Company Profile

(Free Report)

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. The company offers a suite of interrelated software to build, manage, run, engage, measure, and govern automation within the organization.