Avanza Fonder AB Cuts Stake in UiPath Inc. (NYSE:PATH)

Avanza Fonder AB lessened its stake in UiPath Inc. (NYSE:PATH - Free Report) by 56.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,675 shares of the company's stock after selling 36,538 shares during the period. Avanza Fonder AB's holdings in UiPath were worth $299,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Jackson Creek Investment Advisors LLC bought a new position in UiPath during the 4th quarter valued at approximately $298,000. ING Groep NV bought a new position in UiPath during the 4th quarter valued at approximately $3,120,000. Bank of New York Mellon Corp grew its holdings 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 acquiring an additional 66,100 shares during the period. Vestmark Advisory Solutions Inc. grew its holdings in shares of UiPath by 27.6% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 353,993 shares of the company's stock worth $4,499,000 after acquiring an additional 76,647 shares during the period. Finally, Proficio Capital Partners LLC purchased a new position in shares of UiPath during the 4th quarter worth approximately $307,000. Institutional investors own 62.50% of the company's stock.

UiPath Trading Up 1.9%

PATH stock traded up $0.24 during trading on Monday, reaching $12.48. The stock had a trading volume of 12,269,770 shares, compared to its average volume of 10,542,357. UiPath Inc. has a 52 week low of $9.38 and a 52 week high of $15.93. The stock's 50 day moving average is $12.08 and its two-hundred day moving average is $12.63. The firm has a market cap of $6.68 billion, a PE ratio of -77.99 and a beta of 1.06.

UiPath (NYSE:PATH - Get Free Report) last posted its earnings results on Thursday, May 29th. The company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. UiPath had a negative return on equity of 4.14% and a negative net margin of 6.49%. The company had revenue of $356.62 million for the quarter, compared to the consensus estimate of $332.17 million. During the same quarter in the prior year, the company earned $0.13 earnings per share. UiPath's revenue was up 6.4% on a year-over-year basis. On average, research analysts anticipate that UiPath Inc. will post -0.17 EPS for the current year.

Wall Street Analysts Forecast Growth

PATH has been the topic of a number of research analyst reports. Bank of America reiterated an "underperform" rating and set a $10.00 target price (down previously from $18.00) on shares of UiPath in a report on Thursday, March 13th. Royal Bank of Canada upped their price target on UiPath from $13.00 to $15.00 and gave the stock a "sector perform" rating in a research note on Friday, May 30th. BMO Capital Markets lifted 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. Scotiabank boosted their target price on UiPath from $12.00 to $13.00 and gave the stock a "sector perform" rating in a report on Friday, May 30th. Finally, Canaccord Genuity Group set a $16.00 target price on UiPath and gave the stock a "buy" rating in a report on Monday, June 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $13.83.

Insiders Place Their Bets

In other UiPath news, CFO Ashim Gupta sold 98,795 shares of the company's stock in a transaction dated Thursday, May 1st. The stock was 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 now owns 987,322 shares in the company, valued at $11,857,737.22. This represents a 9.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Hitesh Ramani sold 12,500 shares of the company's stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $10.19, for a total value of $127,375.00. Following the completion of the sale, the chief accounting officer now owns 314,891 shares of the company's stock, valued at approximately $3,208,739.29. The trade was a 3.82% decrease in their position. The disclosure for this sale can be found here. Company insiders own 23.19% of the company's stock.

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.