379,300 Shares in UiPath, Inc. (NYSE:PATH) Acquired by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia acquired 379,300 shares in UiPath, Inc., valued at approximately $3.9 million, increasing its ownership to about 0.07% of the company.
• UiPath's stock currently has an average rating of "Hold" and a consensus price target of $13.83, with BMO Capital Markets raising its target price from $11.50 to $15.50.
• Company insiders sold a total of 831,310 shares worth over $10.4 million in the last quarter, with CEO Daniel Dines selling 9,988 shares valued at $119,856.

Bank of Nova Scotia acquired a new position in UiPath, Inc. (NYSE:PATH - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 379,300 shares of the company's stock, valued at approximately $3,907,000. Bank of Nova Scotia owned about 0.07% of UiPath as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. OVERSEA CHINESE BANKING Corp Ltd boosted its position in UiPath by 33.6% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 19,905 shares of the company's stock worth $205,000 after purchasing an additional 5,010 shares during the period. PNC Financial Services Group Inc. boosted its position in UiPath by 30.5% during the first quarter. PNC Financial Services Group Inc. now owns 16,590 shares of the company's stock worth $171,000 after purchasing an additional 3,873 shares during the period. Jupiter Asset Management Ltd. bought a new stake in UiPath during the first quarter worth approximately $1,464,000. Blueshift Asset Management LLC bought a new stake in UiPath during the first quarter worth approximately $241,000. Finally, Jefferies Financial Group Inc. bought a new stake in UiPath during the first quarter worth approximately $156,000. Institutional investors and hedge funds own 62.50% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PATH. BMO Capital Markets upped their target price on UiPath from $11.50 to $15.50 and gave the stock a "market perform" rating in a research report on Friday, May 30th. Evercore ISI increased their price objective on UiPath from $11.00 to $15.00 and gave the company an "in-line" rating in a research report on Friday, May 30th. Mizuho reduced their price objective on UiPath from $12.00 to $11.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Wells Fargo & Company reissued an "equal weight" rating on shares of UiPath in a research report on Friday, May 30th. Finally, Scotiabank increased their price objective on UiPath from $12.00 to $13.00 and gave the company a "sector perform" rating in a research report on Friday, May 30th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, UiPath presently has an average rating of "Hold" and a consensus price target of $13.83.

Insider Activity at UiPath

In related news, CEO Daniel Dines sold 9,988 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $12.00, for a total value of $119,856.00. Following the sale, the chief executive officer directly owned 4,598,388 shares in the company, valued at $55,180,656. This represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 831,310 shares of company stock worth $10,428,922 over the last quarter. Company insiders own 23.19% of the company's stock.

UiPath Stock Performance

Shares of NYSE PATH opened at $11.22 on Wednesday. UiPath, Inc. has a 52 week low of $9.38 and a 52 week high of $15.93. The stock has a market capitalization of $6.00 billion, a P/E ratio of -93.49, a PEG ratio of 14.86 and a beta of 1.03. The stock's fifty day moving average is $12.58 and its 200 day moving average is $12.35.

UiPath (NYSE:PATH - Get Free Report) last issued its quarterly earnings results 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 return on equity of 3.05% and a negative net margin of 4.65%. The company had revenue of $356.62 million for the quarter, compared to analysts' expectations of $332.17 million. During the same quarter last year, the business earned $0.13 earnings per share. UiPath's revenue was up 6.4% on a year-over-year basis. Equities research analysts forecast that UiPath, Inc. will post -0.17 earnings per share for the current year.

UiPath 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.

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