UiPath (NYSE:PATH) Shares Gap Up Following Better-Than-Expected Earnings

UiPath Inc. (NYSE:PATH - Get Free Report)'s share price gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $12.94, but opened at $14.86. UiPath shares last traded at $13.15, with a volume of 10,616,140 shares traded.

The company reported $0.11 earnings per share (EPS) 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 firm had revenue of $356.62 million during the quarter, compared to analyst estimates of $332.17 million. During the same period last year, the company posted $0.13 EPS. The firm's quarterly revenue was up 6.4% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Morgan Stanley lowered their target price on shares of UiPath from $16.00 to $12.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. DA Davidson increased their target price on shares of UiPath from $11.00 to $14.00 and gave the stock a "neutral" rating in a research report on Friday. UBS Group lowered their target price on shares of UiPath from $14.00 to $10.00 and set a "sell" rating on the stock in a research report on Thursday, March 13th. Evercore ISI increased their target price on shares of UiPath from $11.00 to $15.00 and gave the stock an "in-line" rating in a research report on Friday. Finally, Royal Bank of Canada increased their target price on shares of UiPath from $13.00 to $15.00 and gave the stock a "sector perform" rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $13.41.

Insider Activity at UiPath

In related news, CAO Hitesh Ramani sold 12,500 shares of the stock in a transaction dated Thursday, April 3rd. The shares were 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 in the company, valued at approximately $3,208,739.29. This trade represents a 3.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Ashim Gupta sold 98,795 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $12.01, for a total transaction of $1,186,527.95. Following the completion of the sale, the chief financial officer now owns 987,322 shares of the company's stock, valued at approximately $11,857,737.22. The trade was a 9.10% decrease in their position. The disclosure for this sale can be found here. 23.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On UiPath

Several hedge funds have recently made changes to their positions in PATH. Acadian Asset Management LLC lifted its stake in UiPath by 222.6% during the first quarter. Acadian Asset Management LLC now owns 4,241,047 shares of the company's stock worth $43,667,000 after purchasing an additional 2,926,263 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in UiPath by 5.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,477,730 shares of the company's stock worth $15,221,000 after purchasing an additional 75,737 shares during the period. Woodline Partners LP lifted its stake in UiPath by 69.6% during the first quarter. Woodline Partners LP now owns 22,566 shares of the company's stock worth $232,000 after purchasing an additional 9,257 shares during the period. Great Lakes Advisors LLC bought a new position in UiPath during the first quarter worth about $3,165,000. Finally, Voleon Capital Management LP bought a new position in UiPath during the first quarter worth about $437,000. Institutional investors own 62.50% of the company's stock.

UiPath Price Performance

The stock has a market cap of $7.32 billion, a P/E ratio of -83.00 and a beta of 1.01. The business's 50 day simple moving average is $11.53 and its 200 day simple moving average is $12.69.

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.