UiPath (NYSE:PATH) Earns Buy Rating from Needham & Company LLC

Key Points

• Needham reaffirmed its “Buy” rating on UiPath and set a $22 price target, implying 65.89% upside from the prior close.
• Analyst sentiment remains cautious overall: UiPath has a consensus “Hold” rating and an average price target of $16.75, despite three Buy ratings.
• UiPath met quarterly EPS expectations at $0.15 and exceeded revenue forecasts with $410.26 million, up 13.3% year over year; however, insiders sold approximately $24.7 million of shares in the last quarter.

UiPath (NYSE:PATH - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at Needham & Company LLC in a research note issued on Wednesday, Benzinga reports. They currently have a $22.00 target price on the stock. Needham & Company LLC's price target would suggest a potential upside of 65.89% from the company's previous close.

A number of other research firms have also commented on PATH. BMO Capital Markets upped their price objective on shares of UiPath from $13.00 to $18.00 and gave the company a "market perform" rating in a research note on Friday, September 4th. Royal Bank Of Canada boosted their target price on shares of UiPath from $15.00 to $17.00 and gave the company a "sector perform" rating in a report on Friday, September 4th. Mizuho upped their price target on shares of UiPath from $12.00 to $14.00 and gave the company a "neutral" rating in a research report on Friday, September 4th. New Street Research set a $13.00 price target on UiPath in a report on Monday, June 1st. Finally, Canaccord Genuity Group reissued a "hold" rating and issued a $17.00 price objective (up from $15.00) on shares of UiPath in a research report on Friday, September 4th. Three research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $16.75.

UiPath Price Performance

Shares of PATH opened at $13.26 on Wednesday. UiPath has a 1 year low of $9.20 and a 1 year high of $19.84. The company has a market capitalization of $6.91 billion, a price-to-earnings ratio of 19.79, a price-to-earnings-growth ratio of 1.33 and a beta of 1.02. The business has a 50-day moving average of $14.49 and a 200-day moving average of $12.22.

UiPath (NYSE:PATH - Get Free Report) last announced its earnings results on Thursday, September 3rd. The company reported $0.15 EPS for the quarter, meeting the consensus estimate of $0.15. The business had revenue of $410.26 million for the quarter, compared to analysts' expectations of $397.77 million. UiPath had a return on equity of 9.70% and a net margin of 21.03%.The firm's revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.15 earnings per share. As a group, sell-side analysts anticipate that UiPath will post 0.47 EPS for the current year.

Insider Activity at UiPath

In other UiPath news, COO Ashim Gupta sold 117,339 shares of the firm's stock in a transaction on Friday, September 11th. The shares were sold at an average price of $13.85, for a total value of $1,625,145.15. Following the completion of the sale, the chief operating officer directly owned 2,037,377 shares in the company, valued at approximately $28,217,671.45. This trade represents a 5.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Daniel Dines sold 1,402,347 shares of UiPath stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $16.07, for a total transaction of $22,535,716.29. Following the completion of the sale, the chief executive officer directly owned 26,491,238 shares of the company's stock, valued at approximately $425,714,194.66. This trade represents a 5.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,560,150 shares of company stock worth $24,727,357 in the last quarter. Company insiders own 22.44% of the company's stock.

Institutional Trading of UiPath

Several hedge funds have recently bought and sold shares of the business. Trifecta Capital Advisors LLC purchased a new stake in shares of UiPath during the 2nd quarter worth approximately $27,000. REAP Financial Group LLC purchased a new position in UiPath in the fourth quarter valued at approximately $44,000. AdvisorNet Financial Inc lifted its stake in UiPath by 750.0% in the first quarter. AdvisorNet Financial Inc now owns 3,400 shares of the company's stock valued at $38,000 after purchasing an additional 3,000 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in UiPath by 36.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 4,968 shares of the company's stock valued at $81,000 after purchasing an additional 1,329 shares during the period. Finally, Global Retirement Partners LLC purchased a new stake in UiPath in the second quarter worth $57,000. Institutional investors and hedge funds own 62.50% of the company's stock.

UiPath Company Profile

UiPath Inc NYSE: PATH develops enterprise automation software designed to help organizations automate repetitive, rules-based and increasingly complex business processes. Its platform combines robotic process automation (RPA), artificial intelligence, workflow orchestration and process intelligence to support automation across areas such as finance, customer service, human resources, information technology and operations.

The UiPath Platform includes tools for discovering and analyzing business processes, building and managing software robots, processing documents, testing applications and coordinating automated workflows.

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