Wells Fargo & Company Cuts UiPath (NYSE:PATH) Price Target to $11.00

UiPath (NYSE:PATH) had its target price reduced by Wells Fargo & Company from $13.00 to $11.00 in a report released on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Other research analysts have also recently issued research reports about the company. Barclays cut their target price on UiPath from $15.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Thursday. Mizuho reduced their target price on shares of UiPath from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday. UBS Group assumed coverage on shares of UiPath in a report on Thursday, December 12th. They issued a “sell” rating and a $14.00 target price for the company. Royal Bank of Canada restated a “sector perform” rating and set a $16.00 price target on shares of UiPath in a report on Friday, December 6th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of UiPath in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, UiPath presently has an average rating of “Hold” and a consensus target price of $14.53.

UiPath Stock Performance

Shares of NYSE PATH opened at $10.84 on Thursday. The firm’s 50-day simple moving average is $13.36 and its 200 day simple moving average is $13.15. The stock has a market cap of $5.96 billion, a price-to-earnings ratio of -67.78 and a beta of 1.00. UiPath has a fifty-two week low of $9.50 and a fifty-two week high of $23.97.

Insider Activity

In related news, CAO Hitesh Ramani sold 25,000 shares of UiPath stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $13.05, for a total value of $326,250.00. Following the completion of the transaction, the chief accounting officer now directly owns 269,421 shares in the company, valued at approximately $3,515,944.05. The trade was a 8.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Ashim Gupta sold 47,227 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $13.06, for a total value of $616,784.62. Following the sale, the chief financial officer now owns 856,538 shares in the company, valued at approximately $11,186,386.28. This represents a 5.23 % decrease in their position. The disclosure for this sale can be found here. Insiders own 22.37% of the company’s stock.

Hedge Funds Weigh In On UiPath

Hedge funds have recently made changes to their positions in the stock. Smartleaf Asset Management LLC boosted its stake in UiPath by 88.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,454 shares of the company’s stock worth $31,000 after purchasing an additional 1,152 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of UiPath by 47.8% in the fourth quarter. First Horizon Advisors Inc. now owns 2,487 shares of the company’s stock worth $32,000 after buying an additional 804 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of UiPath by 141.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,974 shares of the company’s stock valued at $38,000 after acquiring an additional 1,742 shares during the period. V Square Quantitative Management LLC boosted its position in shares of UiPath by 33.4% in the fourth quarter. V Square Quantitative Management LLC now owns 3,030 shares of the company’s stock valued at $39,000 after acquiring an additional 759 shares during the period. Finally, Quarry LP grew its stake in UiPath by 654.4% during the third quarter. Quarry LP now owns 3,146 shares of the company’s stock valued at $40,000 after acquiring an additional 2,729 shares in the last quarter. 62.50% of the stock is currently owned by hedge funds and other 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.