UiPath (NYSE:PATH) Shares Gap Down After Analyst Downgrade

UiPath Inc. (NYSE:PATH)’s stock price gapped down before the market opened on Thursday after BMO Capital Markets lowered their price target on the stock from $16.00 to $11.50. The stock had previously closed at $11.83, but opened at $9.80. BMO Capital Markets currently has a market perform rating on the stock. UiPath shares last traded at $10.07, with a volume of 9,905,625 shares trading hands.

A number of other equities research analysts have also recently issued reports on the company. Needham & Company LLC reiterated a “hold” rating on shares of UiPath in a research note on Thursday. Royal Bank of Canada cut their price objective on shares of UiPath from $16.00 to $13.00 and set a “sector perform” rating on the stock in a research report on Thursday. Bank of America reissued an “underperform” rating and set a $10.00 target price (down from $18.00) on shares of UiPath in a research note on Thursday. Canaccord Genuity Group dropped their price target on shares of UiPath from $19.00 to $14.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Morgan Stanley reduced their price objective on UiPath from $16.00 to $12.00 and set an “equal weight” rating for the company in a research report on Thursday. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, UiPath presently has an average rating of “Hold” and a consensus target price of $14.53.

Insider Activity at UiPath

In other news, CAO Hitesh Ramani sold 25,000 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $13.05, for a total transaction of $326,250.00. Following the sale, the chief accounting officer now directly owns 269,421 shares of the company’s stock, valued at $3,515,944.05. The trade was a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Ashim Gupta sold 47,227 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $13.06, for a total value of $616,784.62. Following the completion of the transaction, the chief financial officer now owns 856,538 shares of the company’s stock, valued at $11,186,386.28. This trade represents a 5.23 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 22.37% of the company’s stock.

Institutional Investors Weigh In On UiPath

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in UiPath by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 46,664,124 shares of the company’s stock worth $593,101,000 after purchasing an additional 576,458 shares in the last quarter. Senvest Management LLC boosted its position in shares of UiPath by 29.2% in the fourth quarter. Senvest Management LLC now owns 14,074,783 shares of the company’s stock worth $178,890,000 after buying an additional 3,180,300 shares during the period. Geode Capital Management LLC grew its holdings in shares of UiPath by 7.2% during the third quarter. Geode Capital Management LLC now owns 7,312,068 shares of the company’s stock valued at $93,619,000 after buying an additional 493,502 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of UiPath by 45.3% during the fourth quarter. AQR Capital Management LLC now owns 6,646,320 shares of the company’s stock valued at $84,209,000 after buying an additional 2,072,089 shares in the last quarter. Finally, Norges Bank acquired a new position in UiPath during the fourth quarter valued at $71,191,000. Institutional investors and hedge funds own 62.50% of the company’s stock.

UiPath Stock Performance

The firm has a 50 day moving average of $13.36 and a 200-day moving average of $13.15. The stock has a market capitalization of $5.96 billion, a PE ratio of -67.78 and a beta of 1.00.

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.