Sumitomo Mitsui Trust Group Inc. Cuts Stock Holdings in UiPath, Inc. (NYSE:PATH)

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of UiPath, Inc. (NYSE:PATH - Free Report) by 36.1% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 8,041,596 shares of the company's stock after selling 4,548,695 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 1.46% of UiPath worth $82,828,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PATH. Truist Financial Corp bought a new stake in shares of UiPath during the 4th quarter worth $307,000. Bank of New York Mellon Corp lifted its position in shares of UiPath by 2.8% during the 4th quarter. Bank of New York Mellon Corp now owns 2,437,756 shares of the company's stock worth $30,984,000 after buying an additional 66,100 shares during the last quarter. Amalgamated Bank lifted its position in shares of UiPath by 3.1% during the 4th quarter. Amalgamated Bank now owns 28,148 shares of the company's stock worth $358,000 after buying an additional 836 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of UiPath during the 4th quarter worth $307,000. Finally, SVB Wealth LLC bought a new position in UiPath in the fourth quarter valued at about $385,000. 62.50% of the stock is currently owned by institutional investors.

UiPath Trading Down 0.8%

NYSE PATH traded down $0.10 during trading hours on Tuesday, hitting $12.70. 9,661,253 shares of the company's stock were exchanged, compared to its average volume of 10,405,827. The stock has a 50-day simple moving average of $12.44 and a 200 day simple moving average of $12.48. UiPath, Inc. has a 1-year low of $9.38 and a 1-year high of $15.93. The firm has a market cap of $6.80 billion, a price-to-earnings ratio of -105.82, a PEG ratio of 16.68 and a beta of 1.06.

UiPath (NYSE:PATH - Get Free Report) last released its earnings results on Thursday, May 29th. The company reported $0.11 EPS for the quarter, topping the consensus estimate 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 business had revenue of $356.62 million during the quarter, compared to analysts' expectations of $332.17 million. During the same quarter last year, the firm posted $0.13 earnings per share. The firm's revenue was up 6.4% on a year-over-year basis. On average, sell-side analysts anticipate that UiPath, Inc. will post -0.17 earnings per share for the current fiscal year.

Insider Buying and Selling at UiPath

In other UiPath news, CEO Daniel Dines sold 45,000 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $12.78, for a total value of $575,100.00. Following the completion of the sale, the chief executive officer owned 5,553,376 shares of the company's stock, valued at approximately $70,972,145.28. This trade represents a 0.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Ashim Gupta sold 98,795 shares of the firm'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 value of $1,186,527.95. Following the completion of the sale, the chief financial officer directly owned 987,322 shares of the company's stock, valued at $11,857,737.22. This trade represents a 9.10% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 291,295 shares of company stock valued at $3,573,353. Company insiders own 23.19% of the company's stock.

Wall Street Analysts Forecast Growth

PATH has been the subject of several research reports. Scotiabank increased their target price on UiPath from $12.00 to $13.00 and gave the company a "sector perform" rating in a research report on Friday, May 30th. DA Davidson raised UiPath to a "hold" rating in a research note on Monday, June 9th. 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. Truist Financial upped their target price on UiPath from $12.00 to $13.00 and gave the company a "hold" rating in a report on Friday, May 30th. Finally, UBS Group reduced their target price on UiPath from $14.00 to $10.00 and set a "sell" rating on the stock in a report on Thursday, March 13th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average 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.