Uber Technologies, Inc. $UBER Stake Lessened by Synovus Financial Corp

Key Points

• Synovus Financial Corp reduced its stake in Uber Technologies by 58.6%, now holding 21,122 shares valued at approximately $1.54 million.
• Major investment firms like Vanguard Group and Boston Partners increased their stakes in Uber, indicating growing institutional interest in the ride-sharing company, with 80.24% of the stock owned by institutional investors.
• Wall Street analysts are optimistic about Uber's prospects, with ratings ranging from "Buy" to "Moderate Buy" and a consensus price target of $102.82, reflecting a strong positive outlook for the company.

Synovus Financial Corp trimmed its holdings in shares of Uber Technologies, Inc. (NYSE:UBER - Free Report) by 58.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,122 shares of the ride-sharing company's stock after selling 29,916 shares during the period. Synovus Financial Corp's holdings in Uber Technologies were worth $1,539,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Uber Technologies by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 186,526,036 shares of the ride-sharing company's stock valued at $13,590,287,000 after acquiring an additional 5,759,353 shares in the last quarter. Northern Trust Corp lifted its position in shares of Uber Technologies by 3.9% in the 1st quarter. Northern Trust Corp now owns 19,240,638 shares of the ride-sharing company's stock valued at $1,401,873,000 after acquiring an additional 720,122 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Uber Technologies by 3.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 13,667,322 shares of the ride-sharing company's stock valued at $995,801,000 after acquiring an additional 394,157 shares in the last quarter. Boston Partners lifted its position in shares of Uber Technologies by 43.8% in the 1st quarter. Boston Partners now owns 9,031,217 shares of the ride-sharing company's stock valued at $658,686,000 after acquiring an additional 2,749,456 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its position in shares of 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 acquiring an additional 6,254,898 shares in the last quarter. 80.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on UBER shares. Morgan Stanley restated an "overweight" rating and issued a $115.00 price target (up previously from $95.00) on shares of Uber Technologies in a research report on Monday, July 21st. Susquehanna upped their price target on shares of Uber Technologies from $100.00 to $105.00 and gave the company a "positive" rating in a research report on Thursday, August 7th. DA Davidson upped their price target on shares of Uber Technologies from $80.00 to $98.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Canaccord Genuity Group restated a "hold" rating and issued a $84.00 price target (down previously from $90.00) on shares of Uber Technologies in a research report on Friday, June 27th. Finally, BMO Capital Markets lifted their target price on shares of Uber Technologies from $101.00 to $113.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $102.82.

Uber Technologies Trading Up 1.6%

Shares of NYSE:UBER opened at $96.71 on Wednesday. The firm has a fifty day moving average of $91.52 and a two-hundred day moving average of $83.26. The firm has a market capitalization of $201.69 billion, a P/E ratio of 16.48, a price-to-earnings-growth ratio of 1.09 and a beta of 1.43. Uber Technologies, Inc. has a 12-month low of $59.33 and a 12-month high of $97.71. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.41.

Uber Technologies (NYSE:UBER - Get Free Report) last issued its earnings results on Wednesday, August 6th. The ride-sharing company reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.02. The company had revenue of $12.65 billion during the quarter, compared to analyst estimates of $12.45 billion. Uber Technologies had a net margin of 26.68% and a return on equity of 59.96%. The company's revenue for the quarter was up 18.2% on a year-over-year basis. During the same quarter last year, the business posted $0.47 EPS. On average, equities analysts expect that Uber Technologies, Inc. will post 2.54 EPS for the current fiscal year.

Insider Activity

In other news, SVP Nikki Krishnamurthy sold 11,571 shares of the firm's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $91.74, for a total transaction of $1,061,523.54. Following the transaction, the senior vice president owned 416,222 shares in the company, valued at approximately $38,184,206.28. This trade represents a 2.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Prashanth Mahendra-Rajah sold 2,750 shares of the firm'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 transaction, the chief financial officer owned 21,975 shares in the company, valued at $2,087,625. This represents a 11.12% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,571 shares of company stock worth $4,335,899. 3.70% of the stock is owned by corporate 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.

Want to see what other hedge funds are holding UBER? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Uber Technologies, Inc. (NYSE:UBER - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.