UiPath Inc. (NASDAQ:PATH – Get Rating) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $16.83, but opened at $18.75. UiPath shares last traded at $18.99, with a volume of 111,464 shares changing hands. The healthcare company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. The business had revenue of $245.07 million for the quarter, compared to analyst estimates of $225.37 million. UiPath had a negative return on equity of 21.20% and a negative net margin of 58.91%. The company’s revenue was up 31.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.81) earnings per share.
A number of equities analysts have recently commented on the company. Zacks Investment Research raised UiPath from a “strong sell” rating to a “hold” rating in a research report on Wednesday. Credit Suisse Group dropped their price objective on shares of UiPath from $57.50 to $45.00 in a research report on Thursday. Needham & Company LLC lowered their target price on shares of UiPath from $85.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, March 31st. KeyCorp cut their price target on UiPath from $34.00 to $23.00 and set an “overweight” rating on the stock in a research note on Monday, April 25th. Finally, Morgan Stanley lowered their price objective on UiPath from $74.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, March 31st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, UiPath presently has a consensus rating of “Hold” and a consensus target price of $37.10.
In other news, Director Kimberly Hammonds sold 2,521 shares of the firm’s stock in a transaction on Friday, March 18th. The shares were sold at an average price of $28.19, for a total value of $71,066.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 31.88% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in PATH. ARK Investment Management LLC lifted its holdings in UiPath by 24.9% in the first quarter. ARK Investment Management LLC now owns 33,600,948 shares of the healthcare company’s stock valued at $725,444,000 after acquiring an additional 6,698,008 shares during the period. Altimeter Capital Management LP lifted its stake in shares of UiPath by 175.4% in the first quarter. Altimeter Capital Management LP now owns 8,275,000 shares of the healthcare company’s stock valued at $71,579,000 after purchasing an additional 5,270,194 shares during the period. Nikko Asset Management Americas Inc. boosted its holdings in UiPath by 27.3% during the first quarter. Nikko Asset Management Americas Inc. now owns 21,026,818 shares of the healthcare company’s stock worth $457,123,000 after buying an additional 4,513,440 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in UiPath by 24.8% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,615,356 shares of the healthcare company’s stock valued at $759,750,000 after buying an additional 3,500,987 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of UiPath in the 1st quarter worth approximately $64,462,000. 52.19% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a fifty day moving average of $19.52 and a 200-day moving average of $32.10. The stock has a market capitalization of $10.61 billion, a price-to-earnings ratio of -11.51 and a beta of 0.33.
About UiPath (NASDAQ:PATH)
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, and Japan. The company offers a suite of interrelated software to build, manage, run, engage, measure, and govern automation within the organization.