UiPath (NYSE:PATH) Shares Gap Up Following Strong Earnings

UiPath, Inc. (NYSE:PATH)’s share price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $14.86, but opened at $16.10. UiPath shares last traded at $17.4210, with a volume of 32,604,313 shares changing hands.

The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.02. UiPath had a net margin of 1.35% and a return on equity of 1.28%. The firm had revenue of $411.11 million during the quarter, compared to analysts’ expectations of $392.46 million. During the same quarter last year, the company posted $0.11 earnings per share. The firm’s revenue was up 15.9% compared to the same quarter last year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Barclays set a $16.00 price objective on shares of UiPath in a research report on Thursday. UBS Group set a $17.00 price target on UiPath and gave the stock a “neutral” rating in a report on Thursday, October 23rd. Royal Bank Of Canada reissued a “sector perform” rating on shares of UiPath in a report on Thursday. DA Davidson began coverage on UiPath in a research report on Friday, September 5th. They set a “neutral” rating and a $12.00 target price on the stock. Finally, Cowen reissued a “hold” rating on shares of UiPath in a report on Thursday. Two equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $14.43.

Insider Activity at UiPath

In other news, CEO Daniel Dines sold 45,000 shares of the firm’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $15.07, for a total value of $678,150.00. Following the completion of the transaction, the chief executive officer owned 29,288,585 shares in the company, valued at $441,378,975.95. This trade represents a 0.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Hitesh Ramani sold 5,000 shares of the business’s stock in a transaction dated Wednesday, October 22nd. The stock was sold at an average price of $15.47, for a total transaction of $77,350.00. Following the completion of the sale, the chief accounting officer owned 182,776 shares in the company, valued at $2,827,544.72. This represents a 2.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 2,319,002 shares of company stock worth $34,094,875 in the last three months. Corporate insiders own 23.19% of the company’s stock.

Hedge Funds Weigh In On UiPath

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of UiPath by 3.0% in the first quarter. Vanguard Group Inc. now owns 48,061,096 shares of the company’s stock valued at $495,029,000 after purchasing an additional 1,396,972 shares during the last quarter. TFG Asset Management GP Ltd lifted its stake in UiPath by 53.3% in the 2nd quarter. TFG Asset Management GP Ltd now owns 13,722,244 shares of the company’s stock valued at $175,645,000 after buying an additional 4,772,244 shares in the last quarter. AQR Capital Management LLC lifted its stake in UiPath by 76.0% in the 2nd quarter. AQR Capital Management LLC now owns 11,407,569 shares of the company’s stock valued at $145,732,000 after buying an additional 4,926,341 shares in the last quarter. Federated Hermes Inc. grew its holdings in UiPath by 40.7% during the 2nd quarter. Federated Hermes Inc. now owns 8,048,321 shares of the company’s stock valued at $103,019,000 after buying an additional 2,328,225 shares during the last quarter. Finally, State Street Corp increased its position in UiPath by 5.0% during the second quarter. State Street Corp now owns 8,032,345 shares of the company’s stock worth $102,814,000 after buying an additional 378,851 shares in the last quarter. Institutional investors and hedge funds own 62.50% of the company’s stock.

UiPath Price Performance

The company has a market cap of $9.30 billion, a PE ratio of 581.47, a P/E/G ratio of 5.29 and a beta of 1.10. The firm has a 50-day simple moving average of $14.67 and a two-hundred day simple moving average of $12.99.

UiPath Company Profile

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.