Canaccord Genuity Group Issues Positive Forecast for UiPath (NYSE:PATH) Stock Price

UiPath (NYSE:PATH) had its target price increased by equities researchers at Canaccord Genuity Group from $14.00 to $16.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 23.11% from the stock’s current price.

PATH has been the topic of several other reports. Morgan Stanley lowered their price objective on shares of UiPath from $16.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Bank of America reaffirmed an “underperform” rating and set a $10.00 target price (down previously from $18.00) on shares of UiPath in a report on Thursday, March 13th. Mizuho decreased their target price on shares of UiPath from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Needham & Company LLC restated a “hold” rating on shares of UiPath in a research report on Friday. Finally, Evercore ISI increased their target price on shares of UiPath from $11.00 to $15.00 and gave the stock an “in-line” rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, UiPath currently has an average rating of “Hold” and a consensus target price of $13.53.

UiPath Stock Down 2.4%

Shares of NYSE:PATH opened at $13.00 on Monday. UiPath has a 12 month low of $9.38 and a 12 month high of $15.93. The company’s fifty day simple moving average is $11.53 and its 200 day simple moving average is $12.69. The firm has a market cap of $7.17 billion, a price-to-earnings ratio of -82.31 and a beta of 1.01.

UiPath (NYSE:PATH) last issued its quarterly earnings data on Thursday, May 29th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. UiPath had a negative net margin of 6.49% and a negative return on equity of 4.14%. The business had revenue of $356.62 million for the quarter, compared to analyst estimates of $332.17 million. During the same period last year, the business posted $0.13 earnings per share. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. Research analysts expect that UiPath will post -0.17 earnings per share for the current fiscal year.

Insider Transactions at UiPath

In related news, CAO Hitesh Ramani sold 12,500 shares of the stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $10.19, for a total transaction of $127,375.00. Following the transaction, the chief accounting officer now directly owns 314,891 shares of the company’s stock, valued at $3,208,739.29. This represents a 3.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ashim Gupta sold 98,795 shares of the firm’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $12.01, for a total transaction of $1,186,527.95. Following the completion of the transaction, the chief financial officer now directly owns 987,322 shares in the company, valued at $11,857,737.22. This trade represents a 9.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC lifted its stake in shares of UiPath by 88.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,454 shares of the company’s stock valued at $31,000 after buying an additional 1,152 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in UiPath by 47.8% in the fourth quarter. First Horizon Advisors Inc. now owns 2,487 shares of the company’s stock valued at $32,000 after acquiring an additional 804 shares during the last quarter. Versant Capital Management Inc grew its position in shares of UiPath by 198.6% during the 1st quarter. Versant Capital Management Inc now owns 2,962 shares of the company’s stock valued at $31,000 after acquiring an additional 1,970 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of UiPath by 141.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,974 shares of the company’s stock worth $38,000 after purchasing an additional 1,742 shares during the last quarter. Finally, V Square Quantitative Management LLC raised its holdings in shares of UiPath by 33.4% in the 4th quarter. V Square Quantitative Management LLC now owns 3,030 shares of the company’s stock worth $39,000 after purchasing an additional 759 shares during the period. 62.50% of the stock is owned by institutional investors.

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, 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.