Norges Bank Invests $71.19 Million in UiPath Inc. (NYSE:PATH)

Norges Bank acquired a new stake in shares of UiPath Inc. (NYSE:PATH) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 5,601,190 shares of the company’s stock, valued at approximately $71,191,000.

Other hedge funds also recently bought and sold shares of the company. Thrivent Financial for Lutherans grew its holdings in shares of UiPath by 10.6% in the third quarter. Thrivent Financial for Lutherans now owns 20,881 shares of the company’s stock worth $267,000 after purchasing an additional 1,995 shares during the last quarter. Bank of Montreal Can increased its position in shares of UiPath by 492.4% during the third quarter. Bank of Montreal Can now owns 144,847 shares of the company’s stock worth $1,854,000 after acquiring an additional 120,396 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of UiPath by 2.4% during the third quarter. The Manufacturers Life Insurance Company now owns 114,164 shares of the company’s stock worth $1,461,000 after acquiring an additional 2,661 shares during the period. MetLife Investment Management LLC raised its stake in shares of UiPath by 11.9% during the third quarter. MetLife Investment Management LLC now owns 25,138 shares of the company’s stock valued at $322,000 after acquiring an additional 2,677 shares in the last quarter. Finally, Captrust Financial Advisors boosted its holdings in shares of UiPath by 52.1% in the third quarter. Captrust Financial Advisors now owns 36,225 shares of the company’s stock valued at $464,000 after purchasing an additional 12,402 shares during the period. Institutional investors own 62.50% of the company’s stock.

UiPath Price Performance

Shares of PATH stock opened at $10.82 on Thursday. The stock’s fifty day moving average price is $12.73 and its 200 day moving average price is $13.00. UiPath Inc. has a 1-year low of $9.50 and a 1-year high of $22.11. The company has a market cap of $5.97 billion, a price-to-earnings ratio of -67.63 and a beta of 1.00.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. UBS Group decreased their target price on UiPath from $14.00 to $10.00 and set a “sell” rating for the company in a research report on Thursday, March 13th. Bank of America reiterated an “underperform” rating and set a $10.00 target price (down from $18.00) on shares of UiPath in a report on Thursday, March 13th. Needham & Company LLC restated a “hold” rating on shares of UiPath in a report on Wednesday, March 26th. Canaccord Genuity Group lowered their price target on shares of UiPath from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Finally, Mizuho reduced their price objective on shares of UiPath from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.62.

Insider Activity

In other UiPath news, 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 transaction of $616,784.62. Following the sale, the chief financial officer now owns 856,538 shares of the company’s stock, valued at approximately $11,186,386.28. The trade was a 5.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Hitesh Ramani sold 25,000 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $13.05, for a total transaction of $326,250.00. Following the completion of the transaction, the chief accounting officer now directly owns 269,421 shares of the company’s stock, 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. Corporate insiders own 22.37% of the company’s stock.

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.