Allstate Corp Grows Position in Uber Technologies, Inc. $UBER

Key Points

• Allstate Corp increased its stake in Uber Technologies by 22.7% during the first quarter, bringing its total to 68,623 shares valued at approximately $5 million.
• Multiple other institutional investors also purchased stakes in Uber, with 80.24% of the stock now held by institutional investors and hedge funds.
• Wall Street analysts are optimistic about Uber, with several firms issuing buy ratings and raising their target prices, reflecting a consensus price target of $102.82.

Allstate Corp boosted its position in shares of Uber Technologies, Inc. (NYSE:UBER - Free Report) by 22.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,623 shares of the ride-sharing company's stock after buying an additional 12,692 shares during the period. Allstate Corp's holdings in Uber Technologies were worth $5,000,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. Transce3nd LLC acquired a new stake in Uber Technologies during the 4th quarter worth $27,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Uber Technologies in the fourth quarter valued at about $27,000. Kozak & Associates Inc. boosted its stake in shares of Uber Technologies by 155.9% during the first quarter. Kozak & Associates Inc. now owns 366 shares of the ride-sharing company's stock worth $27,000 after buying an additional 223 shares during the period. Noble Wealth Management PBC purchased a new stake in Uber Technologies during the 1st quarter valued at approximately $27,000. Finally, Vision Financial Markets LLC acquired a new stake in Uber Technologies during the 1st quarter worth approximately $27,000. 80.24% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Prashanth Mahendra-Rajah sold 2,750 shares of Uber Technologies stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $95.00, for a total transaction of $261,250.00. Following the completion of the sale, the chief financial officer owned 21,975 shares in the company, valued at approximately $2,087,625. This trade represents a 11.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Nikki Krishnamurthy sold 11,571 shares of Uber Technologies stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $91.74, for a total transaction of $1,061,523.54. Following the sale, the senior vice president owned 416,222 shares of the company's stock, valued at approximately $38,184,206.28. This trade represents a 2.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.84% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

UBER has been the topic of a number of recent research reports. Needham & Company LLC boosted their target price on Uber Technologies from $100.00 to $109.00 and gave the company a "buy" rating in a report on Monday, July 14th. Loop Capital reiterated a "buy" rating and set a $105.00 target price (up previously from $89.00) on shares of Uber Technologies in a research report on Wednesday, May 21st. Tigress Financial set a $110.00 price target on Uber Technologies and gave the company a "buy" rating in a report on Friday, May 23rd. Stifel Nicolaus upped their price objective on Uber Technologies from $110.00 to $117.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Finally, Bank of America boosted their target price on shares of Uber Technologies from $97.00 to $115.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $102.82.

Uber Technologies Stock Up 0.5%

Shares of NYSE UBER opened at $94.21 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.11 and a quick ratio of 1.11. The firm's 50-day moving average is $90.82 and its two-hundred day moving average is $82.62. Uber Technologies, Inc. has a 12-month low of $59.33 and a 12-month high of $97.71. The company has a market capitalization of $196.47 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 1.08 and a beta of 1.43.

Uber Technologies (NYSE:UBER - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The ride-sharing company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.02. The firm had revenue of $12.65 billion during the quarter, compared to the consensus estimate of $12.45 billion. Uber Technologies had a return on equity of 59.96% and a net margin of 26.68%.The company's quarterly revenue was up 18.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.47 EPS. Equities analysts anticipate that Uber Technologies, Inc. will post 2.54 EPS for the current fiscal year.

Uber Technologies Company Profile

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.

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