Needham & Company LLC Reaffirms Buy Rating for UiPath (NYSE:PATH)

UiPath (NYSE:PATH)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a research note issued on Wednesday, Benzinga reports. They currently have a $22.00 price target on the stock. Needham & Company LLC’s price target suggests a potential upside of 65.89% from the company’s previous close.

PATH has been the subject of several other reports. Mizuho raised their price objective on shares of UiPath from $12.00 to $14.00 and gave the stock a “neutral” rating in a report on Friday, September 4th. Wall Street Zen cut shares of UiPath from a “buy” rating to a “hold” rating in a report on Saturday, May 30th. HC Wainwright restated a “buy” rating on shares of UiPath in a research report on Friday, September 4th. Morgan Stanley cut their price target on UiPath from $17.00 to $15.00 and set an “equal weight” rating for the company in a report on Friday, May 29th. Finally, Truist Financial lifted their price target on UiPath from $12.00 to $17.00 and gave the company a “hold” rating in a research report on Friday, September 4th. Three research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $16.75.

UiPath Stock Down 2.4%

NYSE PATH opened at $13.26 on Wednesday. The company has a market cap of $6.91 billion, a PE ratio of 19.79, a price-to-earnings-growth ratio of 1.33 and a beta of 1.02. UiPath has a 52 week low of $9.20 and a 52 week high of $19.84. The firm’s 50-day simple moving average is $14.49 and its two-hundred day simple moving average is $12.22.

UiPath (NYSE:PATH) last posted its earnings results on Thursday, September 3rd. The company reported $0.15 earnings per share for the quarter, hitting the consensus estimate of $0.15. UiPath had a net margin of 21.03% and a return on equity of 9.70%. The firm had revenue of $410.26 million during the quarter, compared to the consensus estimate of $397.77 million. During the same quarter last year, the company earned $0.15 earnings per share. The company’s revenue was up 13.3% on a year-over-year basis. As a group, equities research analysts anticipate that UiPath will post 0.47 EPS for the current year.

Insider Activity at UiPath

In other UiPath news, CEO Daniel Dines sold 1,402,347 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $16.07, for a total value of $22,535,716.29. Following the completion of the transaction, the chief executive officer directly owned 26,491,238 shares of the company’s stock, valued at $425,714,194.66. This trade represents a 5.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Raghavendra Malpani sold 40,464 shares of the company’s stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $14.00, for a total transaction of $566,496.00. Following the completion of the transaction, the insider directly owned 1,582,213 shares in the company, valued at approximately $22,150,982. The trade was a 2.49% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 1,560,150 shares of company stock valued at $24,727,357. Corporate insiders own 22.44% of the company’s stock.

Hedge Funds Weigh In On UiPath

A number of institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of UiPath in the fourth quarter worth about $120,176,000. Capital Impact Advisors LLC purchased a new stake in UiPath in the fourth quarter worth $52,261,000. BlackRock Inc. lifted its stake in UiPath by 7.2% in the second quarter. BlackRock Inc. now owns 46,153,124 shares of the company’s stock worth $501,684,000 after acquiring an additional 3,097,822 shares during the period. Geode Capital Management LLC boosted its holdings in UiPath by 25.6% in the fourth quarter. Geode Capital Management LLC now owns 7,499,989 shares of the company’s stock valued at $122,951,000 after acquiring an additional 1,528,454 shares in the last quarter. Finally, Squarepoint Ops LLC increased its position in UiPath by 8,065.7% during the 2nd quarter. Squarepoint Ops LLC now owns 1,497,555 shares of the company’s stock valued at $16,278,000 after purchasing an additional 1,516,355 shares during the period. 62.50% of the stock is currently owned by institutional investors.

About UiPath

UiPath Inc (NYSE: PATH) develops enterprise automation software designed to help organizations automate repetitive, rules-based and increasingly complex business processes. Its platform combines robotic process automation (RPA), artificial intelligence, workflow orchestration and process intelligence to support automation across areas such as finance, customer service, human resources, information technology and operations.

The UiPath Platform includes tools for discovering and analyzing business processes, building and managing software robots, processing documents, testing applications and coordinating automated workflows.