ARK Investment Management LLC Sells 3,855,679 Shares of UiPath Inc. (NYSE:PATH)

ARK Investment Management LLC lowered its position in UiPath Inc. (NYSE:PATH) by 8.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 43,470,597 shares of the healthcare company’s stock after selling 3,855,679 shares during the quarter. UiPath accounts for 6.4% of ARK Investment Management LLC’s holdings, making the stock its 2nd largest holding. ARK Investment Management LLC owned 0.08% of UiPath worth $1,079,810,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PATH. Royal London Asset Management Ltd. lifted its stake in shares of UiPath by 5.9% during the third quarter. Royal London Asset Management Ltd. now owns 139,544 shares of the healthcare company’s stock worth $2,388,000 after purchasing an additional 7,742 shares in the last quarter. Barclays PLC lifted its stake in shares of UiPath by 55.2% during the second quarter. Barclays PLC now owns 968,036 shares of the healthcare company’s stock worth $16,039,000 after purchasing an additional 344,499 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new position in shares of UiPath during the third quarter worth about $203,000. Invesco Ltd. lifted its stake in shares of UiPath by 2.8% during the third quarter. Invesco Ltd. now owns 399,181 shares of the healthcare company’s stock worth $6,830,000 after purchasing an additional 10,863 shares in the last quarter. Finally, Symmetry Partners LLC acquired a new position in shares of UiPath during the fourth quarter worth about $205,000. Institutional investors and hedge funds own 62.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PATH shares. William Blair started coverage on UiPath in a research report on Tuesday, January 2nd. They set an “outperform” rating on the stock. BMO Capital Markets upped their price target on UiPath from $24.00 to $28.00 and gave the company a “market perform” rating in a report on Thursday, March 14th. Scotiabank upped their price target on UiPath from $29.00 to $30.00 and gave the company a “sector perform” rating in a report on Thursday, March 14th. Morgan Stanley upped their price target on UiPath from $17.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $30.00 target price on shares of UiPath in a research note on Wednesday, March 20th. Nine research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $27.44.

Insiders Place Their Bets

In other news, CFO Ashim Gupta sold 16,000 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $22.84, for a total value of $365,440.00. Following the completion of the sale, the chief financial officer now directly owns 87,505 shares in the company, valued at $1,998,614.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Rich Wong sold 200,000 shares of the business’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $23.12, for a total value of $4,624,000.00. Following the completion of the sale, the director now directly owns 429,418 shares in the company, valued at $9,928,144.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Ashim Gupta sold 16,000 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $22.84, for a total transaction of $365,440.00. Following the transaction, the chief financial officer now owns 87,505 shares of the company’s stock, valued at $1,998,614.20. The disclosure for this sale can be found here. Insiders sold 427,000 shares of company stock valued at $9,784,110 over the last ninety days. Corporate insiders own 31.03% of the company’s stock.

UiPath Price Performance

PATH stock opened at $22.78 on Thursday. UiPath Inc. has a 12 month low of $12.38 and a 12 month high of $27.87. The firm has a 50 day moving average of $23.63 and a two-hundred day moving average of $21.03.

About UiPath

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.