UiPath (NYSE:PATH) Shares Down 1.4% After Insider Selling

UiPath Inc. (NYSE:PATH) shares fell 1.4% during trading on Tuesday following insider selling activity. The stock traded as low as $13.41 and last traded at $13.62. 3,356,341 shares traded hands during trading, a decline of 58% from the average session volume of 8,039,564 shares. The stock had previously closed at $13.81.

Specifically, CFO Ashim Gupta sold 47,227 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $13.06, for a total value of $616,784.62. Following the completion of the sale, the chief financial officer now directly owns 856,538 shares in the company, valued at approximately $11,186,386.28. The trade was a 5.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Hitesh Ramani sold 25,000 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $13.05, for a total transaction of $326,250.00. Following the transaction, the chief accounting officer now directly owns 269,421 shares in the company, valued at approximately $3,515,944.05. This represents a 8.49 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Needham & Company LLC restated a “hold” rating on shares of UiPath in a research report on Thursday, December 19th. Royal Bank of Canada reissued a “sector perform” rating and set a $16.00 price objective on shares of UiPath in a research note on Friday, December 6th. BMO Capital Markets upped their price target on shares of UiPath from $15.00 to $16.00 and gave the company a “market perform” rating in a report on Friday, December 6th. JPMorgan Chase & Co. raised their price target on shares of UiPath from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Finally, UBS Group started coverage on shares of UiPath in a report on Thursday, December 12th. They set a “sell” rating and a $14.00 target price for the company. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $17.50.

UiPath Stock Performance

The stock has a 50-day moving average of $13.50 and a two-hundred day moving average of $12.74. The company has a market cap of $7.49 billion, a P/E ratio of -85.13 and a beta of 0.96.

Hedge Funds Weigh In On UiPath

Several institutional investors and hedge funds have recently modified their holdings of PATH. Commonwealth Equity Services LLC raised its holdings in UiPath by 5.6% in the second quarter. Commonwealth Equity Services LLC now owns 107,468 shares of the company’s stock worth $1,363,000 after buying an additional 5,742 shares during the last quarter. Van ECK Associates Corp lifted its stake in UiPath by 266.5% during the 2nd quarter. Van ECK Associates Corp now owns 44,510 shares of the company’s stock valued at $564,000 after acquiring an additional 32,365 shares during the period. CIBC Asset Management Inc boosted its holdings in UiPath by 30.6% in the second quarter. CIBC Asset Management Inc now owns 13,564 shares of the company’s stock worth $172,000 after purchasing an additional 3,177 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of UiPath by 2.6% in the second quarter. Rhumbline Advisers now owns 511,011 shares of the company’s stock worth $6,480,000 after acquiring an additional 12,836 shares during the period. Finally, TD Asset Management Inc lifted its holdings in UiPath by 11.8% in the second quarter. TD Asset Management Inc now owns 32,200 shares of the company’s stock valued at $408,000 after acquiring an additional 3,400 shares during the period. 62.50% of the stock is currently owned by institutional investors.

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.