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 decreased its position in UiPath, Inc. (NYSE:PATH - Free Report) by 57.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,319,250 shares of the company's stock after selling 11,283,479 shares during the period. ARK Investment Management LLC owned approximately 1.51% of UiPath worth $85,688,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in UiPath by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 46,664,124 shares of the company's stock worth $593,101,000 after buying an additional 576,458 shares during the last quarter. Senvest Management LLC raised its position in UiPath by 29.2% in the 4th quarter. Senvest Management LLC now owns 14,074,783 shares of the company's stock worth $178,890,000 after buying an additional 3,180,300 shares during the last quarter. AQR Capital Management LLC raised its position in UiPath by 45.3% in the 4th quarter. AQR Capital Management LLC now owns 6,646,320 shares of the company's stock worth $84,209,000 after buying an additional 2,072,089 shares during the last quarter. Norges Bank purchased a new position in UiPath in the 4th quarter worth about $71,191,000. Finally, Jacobs Levy Equity Management Inc. raised its position in UiPath by 35.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 5,459,071 shares of the company's stock worth $69,385,000 after buying an additional 1,432,569 shares during the last quarter. Institutional investors own 62.50% of the company's stock.

UiPath Trading Down 1.3%

UiPath stock opened at $12.17 on Friday. The firm has a 50 day moving average of $12.68 and a 200 day moving average of $12.43. The firm has a market capitalization of $6.51 billion, a price-to-earnings ratio of -101.37, a P/E/G ratio of 16.14 and a beta of 1.04. UiPath, Inc. has a 12-month low of $9.38 and a 12-month high of $15.93.

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

Insider Transactions at UiPath

In other UiPath news, CEO Daniel Dines sold 45,000 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $12.25, for a total transaction of $551,250.00. Following the completion of the sale, the chief executive officer directly owned 4,743,376 shares of the company's stock, valued at $58,106,356. This trade represents a 0.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 830,117 shares of company stock valued at $10,405,694. Corporate insiders own 23.19% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PATH shares. Royal Bank Of Canada boosted their target price on UiPath from $13.00 to $15.00 and gave the stock a "sector perform" rating in a research report on Friday, May 30th. Scotiabank upped their price target on shares of UiPath from $12.00 to $13.00 and gave the company a "sector perform" rating in a research report on Friday, May 30th. Barclays reaffirmed an "equal weight" rating on shares of UiPath in a research report on Friday, May 30th. Evercore ISI upped their price target on shares of UiPath from $11.00 to $15.00 and gave the company an "in-line" rating in a research report on Friday, May 30th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of UiPath in a research report on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $13.83.

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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