Victory Capital Management Inc. Sells 58,414 Shares of UiPath Inc. (NYSE:PATH)

Victory Capital Management Inc. cut its holdings in UiPath Inc. (NYSE:PATH) by 50.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 56,530 shares of the healthcare company’s stock after selling 58,414 shares during the period. Victory Capital Management Inc.’s holdings in UiPath were worth $717,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in PATH. Vanguard Group Inc. increased its stake in UiPath by 5.6% during the first quarter. Vanguard Group Inc. now owns 40,217,936 shares of the healthcare company’s stock worth $911,741,000 after acquiring an additional 2,133,078 shares during the last quarter. Artisan Partners Limited Partnership bought a new position in shares of UiPath during the 4th quarter valued at approximately $48,267,000. First Trust Advisors LP increased its position in shares of UiPath by 122.6% during the 4th quarter. First Trust Advisors LP now owns 1,132,984 shares of the healthcare company’s stock valued at $28,143,000 after purchasing an additional 624,003 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in UiPath by 20.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,552,921 shares of the healthcare company’s stock valued at $32,371,000 after buying an additional 439,344 shares during the period. Finally, Brandywine Managers LLC lifted its position in UiPath by 54.1% in the fourth quarter. Brandywine Managers LLC now owns 1,006,660 shares of the healthcare company’s stock worth $25,005,000 after buying an additional 353,204 shares during the last quarter. 62.50% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Ashim Gupta sold 47,671 shares of UiPath stock in a transaction on Friday, September 13th. The stock was sold at an average price of $12.07, for a total value of $575,388.97. Following the transaction, the chief financial officer now directly owns 849,917 shares in the company, valued at approximately $10,258,498.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 22.37% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Bank of America increased their target price on shares of UiPath from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, September 6th. Evercore ISI increased their price objective on shares of UiPath from $13.00 to $16.00 and gave the stock an “in-line” rating in a research report on Friday, September 6th. Needham & Company LLC reissued a “hold” rating on shares of UiPath in a research note on Friday, September 6th. TD Cowen cut their target price on UiPath from $17.00 to $16.00 and set a “hold” rating on the stock in a research note on Friday, September 6th. Finally, KeyCorp reissued a “sector weight” rating on shares of UiPath in a research note on Thursday, May 30th. Sixteen research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, UiPath currently has a consensus rating of “Hold” and an average price target of $17.71.

UiPath Price Performance

PATH stock opened at $12.49 on Friday. UiPath Inc. has a 1-year low of $10.37 and a 1-year high of $27.87. The business has a 50-day moving average price of $12.12 and a 200 day moving average price of $15.93. The company has a market capitalization of $7.15 billion, a P/E ratio of -78.06 and a beta of 0.87.

UiPath (NYSE:PATH) last posted its quarterly earnings results on Thursday, September 5th. The healthcare company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.03 by $0.01. UiPath had a negative net margin of 8.13% and a negative return on equity of 3.98%. The business had revenue of $316.00 million during the quarter, compared to analyst estimates of $303.69 million. During the same quarter in the previous year, the business posted ($0.09) EPS. The company’s quarterly revenue was up 10.0% compared to the same quarter last year. On average, analysts anticipate that UiPath Inc. will post -0.23 earnings per share for the current fiscal year.

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.