ARK Investment Management LLC Sells 11,283,479 Shares of UiPath, Inc. (NYSE:PATH)

Key Points

• ARK Investment Management LLC reduced its holdings in UiPath, Inc. by 57.6%, selling over 11 million shares and now owns 8.3 million shares worth approximately $85.7 million.
• UiPath recently reported earnings of $0.11 per share, exceeding analysts' expectations, with quarterly revenue reaching $356.62 million.
• Analysts have set a consensus target price of $13.83 for UiPath shares, with varying ratings from "sell" to "strong buy" among financial institutions.

ARK Investment Management LLC lessened its stake in UiPath, Inc. (NYSE:PATH - Free Report) by 57.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,319,250 shares of the company's stock after selling 11,283,479 shares during the quarter. ARK Investment Management LLC owned about 1.51% of UiPath worth $85,688,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Versant Capital Management Inc lifted its position in shares of UiPath by 198.6% in the first quarter. Versant Capital Management Inc now owns 2,962 shares of the company's stock worth $31,000 after purchasing an additional 1,970 shares in the last quarter. CX Institutional bought a new position in shares of UiPath in the first quarter worth about $36,000. True Wealth Design LLC raised its holdings in UiPath by 18.4% in the 4th quarter. True Wealth Design LLC now owns 5,163 shares of the company's stock valued at $66,000 after buying an additional 801 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in UiPath in the 4th quarter valued at approximately $102,000. Finally, Avantax Advisory Services Inc. acquired a new stake in UiPath during the 1st quarter valued at approximately $108,000. Institutional investors and hedge funds own 62.50% of the company's stock.

UiPath Trading Down 0.0%

Shares of UiPath stock traded down $0.01 during trading hours on Wednesday, reaching $12.08. 13,685,399 shares of the company's stock were exchanged, compared to its average volume of 11,724,233. The firm has a market capitalization of $6.46 billion, a price-to-earnings ratio of -100.62, a price-to-earnings-growth ratio of 16.00 and a beta of 1.04. The company has a fifty day moving average of $12.67 and a 200-day moving average of $12.41. UiPath, Inc. has a 52-week low of $9.38 and a 52-week high of $15.93.

UiPath (NYSE:PATH - Get Free Report) last issued its earnings results on Thursday, May 29th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. The firm had revenue of $356.62 million for the quarter, compared to analysts' expectations of $332.17 million. UiPath had a negative net margin of 4.65% and a negative return on equity of 3.05%. UiPath's revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the company posted $0.13 earnings per share. On average, equities research analysts anticipate that UiPath, Inc. will post -0.17 earnings per share for the current fiscal year.

Insider Activity at UiPath

In other news, CFO Ashim Gupta sold 98,795 shares of the company's stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 987,322 shares in the company, valued at approximately $11,857,737.22. This represents a 9.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel Dines sold 45,000 shares of the company's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $12.44, for a total transaction of $559,800.00. Following the completion of the sale, the chief executive officer directly owned 5,148,376 shares of the company's stock, valued at $64,045,797.44. The trade was a 0.87% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 875,117 shares of company stock worth $10,952,894. 23.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have weighed in on PATH. BMO Capital Markets raised their price objective on UiPath from $11.50 to $15.50 and gave the company a "market perform" rating in a research note on Friday, May 30th. Mizuho decreased their price objective 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. Truist Financial upped their target price on UiPath from $12.00 to $13.00 and gave the stock a "hold" rating in a research note on Friday, May 30th. Morgan Stanley upped their target price on UiPath from $12.00 to $15.00 and gave the company an "equal weight" rating in a report on Monday, June 2nd. Finally, Royal Bank Of Canada increased their price objective on UiPath from $13.00 to $15.00 and gave the stock a "sector perform" rating in a report on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, UiPath currently has a consensus rating of "Hold" and an average price target of $13.83.

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.