Wells Fargo & Company Forecasts Strong Price Appreciation for Uber Technologies (NYSE:UBER) Stock

Uber Technologies (NYSE:UBER) had its price target lifted by analysts at Wells Fargo & Company from $87.00 to $90.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the ride-sharing company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 39.53% from the stock’s previous close.

A number of other equities research analysts have also commented on the company. Piper Sandler reiterated an “overweight” rating and issued a $87.00 price target (up previously from $80.00) on shares of Uber Technologies in a research report on Tuesday, February 18th. Evercore ISI lowered their price target on shares of Uber Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a report on Thursday, February 6th. Fox Advisors lowered shares of Uber Technologies from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, March 11th. Benchmark reiterated a “hold” rating on shares of Uber Technologies in a research report on Friday, January 31st. Finally, KGI Securities reaffirmed a “neutral” rating and set a $78.00 price target on shares of Uber Technologies in a research report on Tuesday, March 11th. Ten investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $90.41.

Uber Technologies Stock Performance

Shares of UBER stock opened at $64.50 on Thursday. The business’s 50-day moving average price is $73.75 and its 200-day moving average price is $71.76. Uber Technologies has a 12 month low of $54.84 and a 12 month high of $87.00. The company has a current ratio of 1.07, a quick ratio of 1.41 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $134.92 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 0.89 and a beta of 1.37.

Uber Technologies (NYSE:UBER) last posted its earnings results on Wednesday, February 5th. The ride-sharing company reported $3.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $2.71. Uber Technologies had a net margin of 22.41% and a return on equity of 62.60%. Equities research analysts forecast that Uber Technologies will post 2.54 EPS for the current year.

Insider Activity at Uber Technologies

In related news, insider Tony West sold 23,404 shares of Uber Technologies stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $70.27, for a total value of $1,644,599.08. Following the completion of the transaction, the insider now directly owns 114,241 shares in the company, valued at approximately $8,027,715.07. The trade was a 17.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Nikki Krishnamurthy sold 20,000 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.57, for a total value of $1,431,400.00. Following the sale, the senior vice president now owns 361,908 shares in the company, valued at approximately $25,901,755.56. This represents a 5.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 77,154 shares of company stock worth $5,793,869. Insiders own 3.84% of the company’s stock.

Institutional Investors Weigh In On Uber Technologies

A number of institutional investors and hedge funds have recently modified their holdings of UBER. Capital Research Global Investors boosted its stake in Uber Technologies by 79.0% during the fourth quarter. Capital Research Global Investors now owns 118,131,681 shares of the ride-sharing company’s stock valued at $7,125,728,000 after buying an additional 52,125,476 shares during the period. Norges Bank bought a new position in Uber Technologies during the fourth quarter valued at approximately $1,467,754,000. Jennison Associates LLC increased its holdings in shares of Uber Technologies by 36.9% in the fourth quarter. Jennison Associates LLC now owns 26,460,312 shares of the ride-sharing company’s stock worth $1,596,086,000 after buying an additional 7,137,512 shares during the period. Boston Partners bought a new stake in Uber Technologies during the 4th quarter valued at $381,057,000. Finally, Assenagon Asset Management S.A. raised its position in Uber Technologies by 670.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 6,611,557 shares of the ride-sharing company’s stock valued at $398,809,000 after purchasing an additional 5,753,637 shares during the last quarter. 80.24% of the stock is owned by hedge funds and other institutional investors.

About Uber Technologies

Uber Technologies, Inc develops and operates proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and Asia excluding China and Southeast Asia. It operates through three segments: Mobility, Delivery, and Freight. The Mobility segment connects consumers with a range of transportation modalities, such as ridesharing, carsharing, micromobility, rentals, public transit, taxis, and other modalities; and offers riders in a variety of vehicle types, as well as financial partnerships products and advertising services.