Scotiabank Issues Pessimistic Forecast for UiPath (NYSE:PATH) Stock Price

UiPath (NYSE:PATH) had its price target cut by equities researchers at Scotiabank from $15.00 to $12.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price objective would indicate a potential upside of 10.66% from the stock’s previous close.

Several other brokerages have also recently weighed in on PATH. Mizuho decreased their price objective on UiPath from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday. Wells Fargo & Company cut their price objective on shares of UiPath from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Thursday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $16.00 price target on shares of UiPath in a research report on Friday, December 6th. BMO Capital Markets boosted their price objective on shares of UiPath from $15.00 to $16.00 and gave the company a “market perform” rating in a research report on Friday, December 6th. Finally, Bank of America restated an “underperform” rating and set a $10.00 price objective (down from $18.00) on shares of UiPath in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $14.53.

UiPath Stock Performance

Shares of UiPath stock opened at $10.84 on Thursday. The firm has a fifty day moving average of $13.36 and a two-hundred day moving average of $13.15. The stock has a market capitalization of $5.96 billion, a price-to-earnings ratio of -67.78 and a beta of 1.00. UiPath has a 52 week low of $9.50 and a 52 week high of $23.97.

Insider Buying and Selling at UiPath

In related news, CFO Ashim Gupta sold 47,227 shares of the company’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 sale, the chief financial officer now owns 856,538 shares in the company, valued at $11,186,386.28. This represents a 5.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Hitesh Ramani sold 25,000 shares of the company’s stock in a transaction dated 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 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 disclosure for this sale can be found here. Insiders own 22.37% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. CIBC Asset Management Inc lifted its stake in UiPath by 5.3% in the 4th quarter. CIBC Asset Management Inc now owns 14,741 shares of the company’s stock worth $187,000 after purchasing an additional 736 shares in the last quarter. V Square Quantitative Management LLC boosted its stake in shares of UiPath by 33.4% during the 4th quarter. V Square Quantitative Management LLC now owns 3,030 shares of the company’s stock valued at $39,000 after purchasing an additional 759 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of UiPath by 3.7% during the 4th quarter. Tidal Investments LLC now owns 22,487 shares of the company’s stock valued at $286,000 after purchasing an additional 797 shares in the last quarter. True Wealth Design LLC boosted its stake in UiPath by 18.4% during the fourth quarter. True Wealth Design LLC now owns 5,163 shares of the company’s stock worth $66,000 after acquiring an additional 801 shares in the last quarter. Finally, First Horizon Advisors Inc. raised its holdings in 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 during the last quarter. 62.50% of the stock is 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.