Fred Alger Management LLC Sells 979,517 Shares of Uber Technologies, Inc. (NYSE:UBER)

Fred Alger Management LLC cut its stake in shares of Uber Technologies, Inc. (NYSE:UBER) by 55.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 783,991 shares of the ride-sharing company’s stock after selling 979,517 shares during the period. Fred Alger Management LLC’s holdings in Uber Technologies were worth $56,980,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. GHP Investment Advisors Inc. lifted its holdings in shares of Uber Technologies by 222.7% during the second quarter. GHP Investment Advisors Inc. now owns 355 shares of the ride-sharing company’s stock worth $26,000 after buying an additional 245 shares in the last quarter. Financial Management Professionals Inc. boosted its holdings in Uber Technologies by 111.6% in the 1st quarter. Financial Management Professionals Inc. now owns 383 shares of the ride-sharing company’s stock valued at $29,000 after purchasing an additional 202 shares during the period. WR Wealth Planners LLC grew its position in shares of Uber Technologies by 563.9% during the 2nd quarter. WR Wealth Planners LLC now owns 405 shares of the ride-sharing company’s stock worth $29,000 after purchasing an additional 344 shares in the last quarter. J.Safra Asset Management Corp bought a new position in shares of Uber Technologies during the first quarter worth approximately $32,000. Finally, MCF Advisors LLC raised its position in shares of Uber Technologies by 1,038.5% in the second quarter. MCF Advisors LLC now owns 444 shares of the ride-sharing company’s stock valued at $32,000 after buying an additional 405 shares in the last quarter. 80.24% of the stock is owned by institutional investors and hedge funds.

Uber Technologies Price Performance

Shares of UBER opened at $77.44 on Wednesday. The business has a 50-day moving average of $69.71 and a 200-day moving average of $70.62. Uber Technologies, Inc. has a 1 year low of $40.09 and a 1 year high of $82.14. The company has a market capitalization of $162.70 billion, a price-to-earnings ratio of 124.90, a price-to-earnings-growth ratio of 1.33 and a beta of 1.33. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.21 and a quick ratio of 1.21.

Uber Technologies (NYSE:UBER) last issued its quarterly earnings results on Tuesday, August 6th. The ride-sharing company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.16. Uber Technologies had a net margin of 5.02% and a return on equity of 17.06%. The firm had revenue of $10.70 billion for the quarter, compared to the consensus estimate of $10.57 billion. During the same quarter in the previous year, the company earned $0.18 EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, equities research analysts anticipate that Uber Technologies, Inc. will post 1.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

UBER has been the topic of a number of recent research reports. The Goldman Sachs Group raised their price objective on Uber Technologies from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price target on shares of Uber Technologies in a research note on Monday. Wells Fargo & Company reiterated an “overweight” rating and set a $97.00 price objective on shares of Uber Technologies in a research note on Friday, September 13th. Raymond James assumed coverage on shares of Uber Technologies in a research report on Tuesday. They issued a “strong-buy” rating and a $90.00 target price for the company. Finally, Evercore ISI increased their price target on shares of Uber Technologies from $80.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Four equities research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $87.67.

Insider Buying and Selling at Uber Technologies

In other news, CEO Dara Khosrowshahi sold 500,000 shares of Uber Technologies stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $71.91, for a total value of $35,955,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,266,114 shares of the company’s stock, valued at approximately $91,046,257.74. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Dara Khosrowshahi sold 500,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $71.91, for a total transaction of $35,955,000.00. Following the completion of the sale, the chief executive officer now owns 1,266,114 shares of the company’s stock, valued at approximately $91,046,257.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jill Hazelbaker sold 40,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $72.00, for a total transaction of $2,880,000.00. Following the transaction, the insider now owns 127,352 shares in the company, valued at approximately $9,169,344. The disclosure for this sale can be found here. Insiders own 3.84% of the company’s stock.

Uber Technologies Profile

Uber Technologies, Inc develops and operates proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and Asia excluding China and Southeast Asia. It operates through three segments: Mobility, Delivery, and Freight. The Mobility segment connects consumers with a range of transportation modalities, such as ridesharing, carsharing, micromobility, rentals, public transit, taxis, and other modalities; and offers riders in a variety of vehicle types, as well as financial partnerships products and advertising services.