Victory Capital Management Inc. Reduces Stake in UiPath Inc. (NYSE:PATH)

Victory Capital Management Inc. cut its holdings in shares of UiPath Inc. (NYSE:PATH) by 6.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 53,126 shares of the company’s stock after selling 3,404 shares during the quarter. Victory Capital Management Inc.’s holdings in UiPath were worth $680,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Future Financial Wealth Managment LLC purchased a new position in UiPath during the third quarter valued at approximately $26,000. JTC Employer Solutions Trustee Ltd acquired a new position in shares of UiPath in the 3rd quarter valued at $26,000. Hantz Financial Services Inc. purchased a new stake in UiPath during the second quarter worth $28,000. Redwood Wealth Management Group LLC purchased a new stake in UiPath during the second quarter worth $43,000. Finally, Allspring Global Investments Holdings LLC grew its position in UiPath by 124.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 4,098 shares of the company’s stock valued at $52,000 after buying an additional 2,274 shares during the period. 62.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Ashim Gupta sold 47,671 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $12.07, for a total value of $575,388.97. Following the completion of the transaction, the chief financial officer now directly owns 849,917 shares in the company, valued at approximately $10,258,498.19. This represents a 5.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 22.37% of the stock is owned by company insiders.

Analysts Set New Price Targets

PATH has been the subject of a number of analyst reports. Bank of America upped their price objective on shares of UiPath from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, September 6th. Evercore ISI upped their price target on UiPath from $13.00 to $16.00 and gave the stock an “in-line” rating in a report on Friday, September 6th. TD Cowen dropped their price objective on UiPath from $17.00 to $16.00 and set a “hold” rating on the stock in a report on Friday, September 6th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $16.00 target price on shares of UiPath in a research note on Friday, September 6th. Finally, Barclays lifted their price target on shares of UiPath from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, September 6th. Sixteen equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $17.47.

UiPath Price Performance

PATH stock opened at $14.09 on Friday. UiPath Inc. has a 1 year low of $10.37 and a 1 year high of $27.87. The firm has a market capitalization of $7.75 billion, a PE ratio of -70.45 and a beta of 0.87. The business has a 50 day simple moving average of $12.83 and a 200-day simple moving average of $13.05.

UiPath (NYSE:PATH) last issued its earnings results on Thursday, September 5th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. UiPath had a negative return on equity of 3.98% and a negative net margin of 8.13%. The company had revenue of $316.00 million during the quarter, compared to analysts’ expectations of $303.69 million. During the same period in the prior year, the business earned ($0.09) EPS. The firm’s quarterly revenue was up 10.0% on a year-over-year basis. On average, equities research analysts expect that UiPath Inc. will post -0.23 EPS for the current year.

UiPath Company Profile

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