UiPath, Inc. $PATH Stock Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its UiPath stake by 89.1% in the third quarter, selling 492,307 shares and retaining 60,306 shares valued at approximately $774,000.
• UiPath reported quarterly revenue of $410.26 million, up 13.3% year over year and above analyst expectations, while earnings of $0.15 per share matched estimates.
• Analyst sentiment remains cautious: the stock carries a consensus “Hold” rating with an average price target of $15.69, compared with a recent share price of $13.93. Insiders also sold nearly 2.93 million shares in the latest quarter.

Assenagon Asset Management S.A. decreased its position in shares of UiPath, Inc. (NYSE:PATH - Free Report) by 89.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,306 shares of the company's stock after selling 492,307 shares during the period. Assenagon Asset Management S.A.'s holdings in UiPath were worth $774,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Trifecta Capital Advisors LLC acquired a new stake in shares of UiPath in the second quarter valued at $27,000. CoreCap Advisors LLC boosted its holdings in shares of UiPath by 68.7% in the third quarter. CoreCap Advisors LLC now owns 2,679 shares of the company's stock valued at $34,000 after acquiring an additional 1,091 shares during the period. AdvisorNet Financial Inc raised its holdings in shares of UiPath by 750.0% in the first quarter. AdvisorNet Financial Inc now owns 3,400 shares of the company's stock valued at $38,000 after buying an additional 3,000 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in shares of UiPath during the second quarter worth about $57,000. Finally, Versant Capital Management Inc boosted its stake in shares of UiPath by 103.6% during the third quarter. Versant Capital Management Inc now owns 4,845 shares of the company's stock worth $62,000 after buying an additional 2,465 shares during the period. 62.50% of the stock is currently owned by hedge funds and other institutional investors.

UiPath Stock Performance

Shares of NYSE:PATH opened at $13.93 on Friday. The stock has a 50-day simple moving average of $14.52 and a 200-day simple moving average of $12.46. UiPath, Inc. has a 1 year low of $9.20 and a 1 year high of $19.84. The stock has a market capitalization of $7.26 billion, a P/E ratio of 20.78, a PEG ratio of 1.29 and a beta of 1.01.

UiPath (NYSE:PATH - Get Free Report) last posted its earnings results on Thursday, September 3rd. The company reported $0.15 earnings per share for the quarter, meeting the consensus estimate of $0.15. The business had revenue of $410.26 million for the quarter, compared to analyst estimates of $397.77 million. UiPath had a net margin of 21.03% and a return on equity of 9.70%. The business's quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.15 EPS. Analysts predict that UiPath, Inc. will post 0.49 earnings per share for the current year.

Insiders Place Their Bets

In other UiPath news, insider Raghavendra Malpani sold 40,464 shares of the company's stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $14.00, for a total value of $566,496.00. Following the transaction, the insider directly owned 1,582,213 shares of the company's stock, valued at $22,150,982. This represents a 2.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Daniel Dines sold 1,402,347 shares of the company's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $16.07, for a total transaction of $22,535,716.29. Following the completion of the sale, the chief executive officer directly owned 26,491,238 shares in the company, valued at $425,714,194.66. This represents a 5.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 2,933,170 shares of company stock valued at $43,170,188. Company insiders own 22.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PATH shares. Mizuho raised their target price on shares of UiPath from $12.00 to $14.00 and gave the stock a "neutral" rating in a research note on Friday, September 4th. UBS Group decreased their price objective on UiPath from $19.00 to $14.00 and set a "neutral" rating on the stock in a research note on Friday, September 25th. Weiss Ratings upgraded UiPath from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, September 9th. Bank of America boosted their target price on shares of UiPath from $13.00 to $15.00 and gave the company an "underperform" rating in a research note on Friday, September 4th. Finally, BMO Capital Markets reduced their target price on shares of UiPath from $18.00 to $15.00 and set a "market perform" rating on the stock in a report on Thursday, September 24th. Four analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $15.69.

About UiPath

UiPath, Inc develops enterprise automation software that helps organizations automate repetitive, rules-based and increasingly complex business processes. Its platform combines robotic process automation with artificial intelligence, workflow orchestration, process mining, document processing and application integration capabilities.

The company's products are designed to support the discovery, development, deployment and management of software robots and AI-powered automations across functions such as finance, customer service, human resources, information technology and operations.

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