Associated Banc Corp Buys New Stake in Uber Technologies, Inc. (NYSE:UBER)

Key Points

• Associated Banc Corp has acquired a new stake in Uber Technologies, Inc., purchasing 442,013 shares valued at approximately $32.2 million.
• UBER stock received various ratings updates, with target prices adjusted by several firms, including a raise from $95.00 to $115.00 by Morgan Stanley.
• Uber reported a net margin of 27.07% and an earnings per share (EPS) of $0.83 for the latest quarter, surpassing analysts' expectations.

Associated Banc Corp purchased a new position in Uber Technologies, Inc. (NYSE:UBER - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 442,013 shares of the ride-sharing company's stock, valued at approximately $32,205,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in UBER. Capital Research Global Investors boosted its position in Uber Technologies by 79.0% during the fourth quarter. Capital Research Global Investors now owns 118,131,681 shares of the ride-sharing company's stock worth $7,125,728,000 after acquiring an additional 52,125,476 shares during the last quarter. Capital World Investors boosted its holdings in Uber Technologies by 10.1% in the 4th quarter. Capital World Investors now owns 30,355,075 shares of the ride-sharing company's stock valued at $1,831,021,000 after purchasing an additional 2,792,039 shares during the last quarter. Northern Trust Corp boosted its holdings in Uber Technologies by 9.0% in the 4th quarter. Northern Trust Corp now owns 18,520,516 shares of the ride-sharing company's stock valued at $1,117,158,000 after purchasing an additional 1,528,168 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Uber Technologies by 2,571.2% in the 1st quarter. Pacer Advisors Inc. now owns 6,498,167 shares of the ride-sharing company's stock valued at $473,456,000 after purchasing an additional 6,254,898 shares during the last quarter. Finally, Allen Investment Management LLC boosted its holdings in Uber Technologies by 2.8% in the 1st quarter. Allen Investment Management LLC now owns 5,304,178 shares of the ride-sharing company's stock valued at $386,462,000 after purchasing an additional 142,559 shares during the last quarter. Institutional investors and hedge funds own 80.24% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. TD Cowen decreased their target price on shares of Uber Technologies from $90.00 to $88.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Morgan Stanley reissued an "overweight" rating and issued a $115.00 price target (up from $95.00) on shares of Uber Technologies in a research note on Monday, July 21st. Loop Capital reaffirmed a "buy" rating and set a $105.00 target price (up from $89.00) on shares of Uber Technologies in a research note on Wednesday, May 21st. Raymond James Financial downgraded shares of Uber Technologies from a "strong-buy" rating to a "moderate buy" rating in a research note on Wednesday, June 18th. Finally, Barclays upped their target price on shares of Uber Technologies from $86.00 to $97.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Ten equities research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $100.71.

Uber Technologies Stock Up 1.9%

Shares of NYSE:UBER opened at $88.56 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.37. The company has a fifty day simple moving average of $89.12 and a 200 day simple moving average of $80.47. The firm has a market cap of $185.20 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 1.00 and a beta of 1.43. Uber Technologies, Inc. has a 12-month low of $54.84 and a 12-month high of $97.71.

Uber Technologies (NYSE:UBER - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The ride-sharing company reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.33. Uber Technologies had a net margin of 27.07% and a return on equity of 66.46%. The business had revenue of $11.53 billion during the quarter, compared to analyst estimates of $11.61 billion. During the same quarter in the previous year, the firm earned ($0.32) earnings per share. The business's revenue was up 13.8% compared to the same quarter last year. On average, equities research analysts anticipate that Uber Technologies, Inc. will post 2.54 EPS for the current fiscal year.

Insider Buying and Selling at Uber Technologies

In other Uber Technologies news, insider Jill Hazelbaker sold 34,884 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $86.03, for a total transaction of $3,001,070.52. Following the completion of the sale, the insider owned 102,135 shares in the company, valued at $8,786,674.05. The trade was a 25.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Prashanth Mahendra-Rajah sold 2,750 shares of the business's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $95.00, for a total transaction of $261,250.00. Following the sale, the chief financial officer owned 21,975 shares of the company's stock, valued at approximately $2,087,625. The trade was a 11.12% decrease in their position. The disclosure for this sale can be found here. 3.70% of the stock is owned by insiders.

About Uber Technologies

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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