Westpac Banking Corp Sells 21,303 Shares of Uber Technologies, Inc. (NYSE:UBER)

Key Points

• Westpac Banking Corp significantly reduced its stake in Uber Technologies, Inc. by 49.2%, resulting in ownership of 21,987 shares valued at approximately $1.6 million according to its SEC filing.
• Uber Technologies reported a quarterly earnings per share (EPS) of $0.63, exceeding analyst expectations of $0.61, with a revenue increase of 18.2% year-over-year.
• Market analysts have varying outlooks on Uber's stock, with recent price target adjustments ranging from a low of $84.00 from Wedbush to a high of $115.00 from Bank of America, indicating a consensus rating of "Moderate Buy".

Westpac Banking Corp lessened its stake in Uber Technologies, Inc. (NYSE:UBER - Free Report) by 49.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 21,987 shares of the ride-sharing company's stock after selling 21,303 shares during the period. Westpac Banking Corp's holdings in Uber Technologies were worth $1,602,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Navalign LLC grew its stake in shares of Uber Technologies by 0.5% in the 4th quarter. Navalign LLC now owns 25,468 shares of the ride-sharing company's stock valued at $1,536,000 after purchasing an additional 126 shares during the period. Grove Bank & Trust grew its stake in shares of Uber Technologies by 0.9% in the 1st quarter. Grove Bank & Trust now owns 14,139 shares of the ride-sharing company's stock valued at $1,030,000 after purchasing an additional 133 shares during the period. Forum Financial Management LP grew its stake in shares of Uber Technologies by 1.3% in the 1st quarter. Forum Financial Management LP now owns 10,956 shares of the ride-sharing company's stock valued at $798,000 after purchasing an additional 136 shares during the period. CBIZ Investment Advisory Services LLC grew its stake in shares of Uber Technologies by 42.1% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 466 shares of the ride-sharing company's stock valued at $34,000 after purchasing an additional 138 shares during the period. Finally, Amplius Wealth Advisors LLC grew its stake in shares of Uber Technologies by 3.6% in the 1st quarter. Amplius Wealth Advisors LLC now owns 4,140 shares of the ride-sharing company's stock valued at $302,000 after purchasing an additional 145 shares during the period. Institutional investors own 80.24% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $106.00 price objective (up previously from $96.00) on shares of Uber Technologies in a report on Wednesday, June 25th. Citigroup raised their price objective on shares of Uber Technologies from $92.00 to $102.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Morgan Stanley reaffirmed an "overweight" rating and set a $115.00 price objective (up previously from $95.00) on shares of Uber Technologies in a report on Monday, July 21st. Bank of America raised their price objective on shares of Uber Technologies from $97.00 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Uber Technologies in a report on Thursday, May 15th. Eleven investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $102.82.

Insider Buying and Selling at Uber Technologies

In other news, CFO Prashanth Mahendra-Rajah sold 2,750 shares of Uber Technologies 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 directly owned 21,975 shares of the company's stock, valued at $2,087,625. This trade represents a 11.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.84% of the stock is currently owned by corporate insiders.

Uber Technologies Trading Down 0.8%

UBER traded down $0.76 during trading on Wednesday, reaching $90.97. 16,849,796 shares of the company's stock were exchanged, compared to its average volume of 18,980,150. The company's fifty day moving average price is $89.92 and its 200-day moving average price is $81.54. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.11 and a current ratio of 1.11. Uber Technologies, Inc. has a fifty-two week low of $59.33 and a fifty-two week high of $97.71. The firm has a market capitalization of $189.71 billion, a PE ratio of 15.50, a P/E/G ratio of 1.05 and a beta of 1.43.

Uber Technologies (NYSE:UBER - Get Free Report) last released its earnings results on Wednesday, August 6th. The ride-sharing company reported $0.63 EPS for the quarter, topping analysts' consensus estimates of $0.61 by $0.02. Uber Technologies had a net margin of 26.68% and a return on equity of 59.96%. The firm had revenue of $12.65 billion during the quarter, compared to analyst estimates of $12.45 billion. During the same quarter in the previous year, the business earned $0.47 EPS. The business's quarterly revenue was up 18.2% compared to the same quarter last year. As a group, equities analysts forecast that Uber Technologies, Inc. will post 2.54 EPS for the current year.

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.