Canaccord Genuity Group Has Lowered Expectations for UiPath (NYSE:PATH) Stock Price

UiPath (NYSE:PATH) had its price objective cut by stock analysts at Canaccord Genuity Group from $19.00 to $14.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 29.10% from the company’s current price.

A number of other research analysts have also recently weighed in on the company. Morgan Stanley reduced their target price on UiPath from $16.00 to $12.00 and set an “equal weight” rating on the stock in a report on Thursday. UBS Group reduced their target price on UiPath from $14.00 to $10.00 and set a “sell” rating on the stock in a report on Thursday. Bank of America reiterated an “underperform” rating and issued a $10.00 target price (down previously from $18.00) on shares of UiPath in a report on Thursday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $16.00 target price on shares of UiPath in a report on Friday, December 6th. Finally, Needham & Company LLC reissued a “hold” rating on shares of UiPath in a research report on Thursday. Two equities research 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’s stock. According to MarketBeat, UiPath has an average rating of “Hold” and an average target price of $14.53.

UiPath Trading Up 8.8 %

Shares of UiPath stock opened at $10.84 on Thursday. UiPath has a twelve month low of $9.50 and a twelve month high of $23.97. The stock has a market capitalization of $5.96 billion, a P/E ratio of -67.78 and a beta of 1.00. The business’s fifty day moving average price is $13.36 and its 200 day moving average price is $13.15.

Insider Activity at UiPath

In related news, CAO Hitesh Ramani sold 25,000 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $13.05, for a total value of $326,250.00. Following the completion of the sale, the chief accounting officer now directly owns 269,421 shares of the company’s stock, valued at $3,515,944.05. The trade was a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Ashim Gupta sold 47,227 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $11,186,386.28. This represents a 5.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 22.37% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On UiPath

A number of hedge funds and other institutional investors have recently bought and sold shares of PATH. Janney Montgomery Scott LLC boosted its stake in UiPath by 17.7% in the third quarter. Janney Montgomery Scott LLC now owns 104,608 shares of the company’s stock valued at $1,339,000 after acquiring an additional 15,698 shares during the period. Amalgamated Bank boosted its stake in UiPath by 7.1% in the third quarter. Amalgamated Bank now owns 27,312 shares of the company’s stock valued at $350,000 after acquiring an additional 1,811 shares during the period. Principal Financial Group Inc. boosted its stake in UiPath by 10.5% in the third quarter. Principal Financial Group Inc. now owns 36,685 shares of the company’s stock valued at $470,000 after acquiring an additional 3,477 shares during the period. State of New Jersey Common Pension Fund D boosted its stake in UiPath by 7.1% in the third quarter. State of New Jersey Common Pension Fund D now owns 179,083 shares of the company’s stock valued at $2,292,000 after acquiring an additional 11,810 shares during the period. Finally, Versor Investments LP acquired a new position in UiPath in the third quarter valued at approximately $266,000. 62.50% of the stock is currently owned by institutional investors and hedge funds.

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.