Fred Alger Management LLC Sells 389,346 Shares of Uber Technologies, Inc. (NYSE:UBER)

Fred Alger Management LLC cut its stake in shares of Uber Technologies, Inc. (NYSE:UBER) by 73.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 140,672 shares of the ride-sharing company’s stock after selling 389,346 shares during the period. Fred Alger Management LLC’s holdings in Uber Technologies were worth $8,485,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of UBER. Principal Financial Group Inc. boosted its position in Uber Technologies by 7.1% during the third quarter. Principal Financial Group Inc. now owns 2,460,332 shares of the ride-sharing company’s stock valued at $184,919,000 after acquiring an additional 162,528 shares during the last quarter. Diversified Trust Co raised its stake in shares of Uber Technologies by 3.7% in the fourth quarter. Diversified Trust Co now owns 15,667 shares of the ride-sharing company’s stock valued at $945,000 after buying an additional 557 shares during the period. Fulton Bank N.A. grew its stake in Uber Technologies by 86.5% in the 4th quarter. Fulton Bank N.A. now owns 22,337 shares of the ride-sharing company’s stock valued at $1,347,000 after buying an additional 10,357 shares in the last quarter. Watts Gwilliam & Co. LLC boosted its position in shares of Uber Technologies by 537.1% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 72,943 shares of the ride-sharing company’s stock valued at $4,825,000 after acquiring an additional 61,494 shares during the period. Finally, Fortitude Family Office LLC increased its stake in Uber Technologies by 32.1% in the 4th quarter. Fortitude Family Office LLC now owns 795 shares of the ride-sharing company’s stock worth $48,000 after acquiring an additional 193 shares during the last quarter. 80.24% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Prashanth Mahendra-Rajah sold 2,750 shares of Uber Technologies stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $85.00, for a total transaction of $233,750.00. Following the completion of the transaction, the chief financial officer now directly owns 21,063 shares in the company, valued at approximately $1,790,355. The trade was a 11.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Nikki Krishnamurthy sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $71.57, for a total transaction of $1,431,400.00. Following the sale, the senior vice president now owns 361,908 shares of the company’s stock, valued at $25,901,755.56. This trade represents a 5.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 79,904 shares of company stock valued at $6,027,619. 3.84% of the stock is owned by corporate insiders.

Uber Technologies Stock Performance

Shares of UBER stock opened at $82.42 on Friday. The stock has a 50-day moving average of $74.58 and a 200-day moving average of $71.57. Uber Technologies, Inc. has a one year low of $54.84 and a one year high of $87.00. The stock has a market cap of $172.41 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.07 and a quick ratio of 1.41.

Uber Technologies (NYSE:UBER) last announced its quarterly earnings results on Wednesday, May 7th. The ride-sharing company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.33. The company had revenue of $11.53 billion for the quarter, compared to analysts’ expectations of $11.61 billion. Uber Technologies had a net margin of 22.41% and a return on equity of 62.60%. The business’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.32) earnings per share. As a group, sell-side analysts expect that Uber Technologies, Inc. will post 2.54 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on UBER shares. Raymond James lifted their target price on shares of Uber Technologies from $95.00 to $100.00 and gave the stock a “strong-buy” rating in a research note on Thursday. JMP Securities reissued a “market perform” rating on shares of Uber Technologies in a report on Thursday, February 6th. Truist Financial boosted their price objective on Uber Technologies from $90.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Benchmark reiterated a “hold” rating on shares of Uber Technologies in a research report on Friday, January 31st. Finally, The Goldman Sachs Group increased their price target on Uber Technologies from $96.00 to $110.00 and gave the stock a “buy” rating in a report on Thursday. Eleven analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $92.69.

About Uber Technologies

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.