UiPath (NYSE:PATH) Shares Up 0.6% – Still a Buy?

UiPath Inc. (NYSE:PATH)’s share price shot up 0.6% during trading on Wednesday . The company traded as high as $13.14 and last traded at $13.13. 2,583,517 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 9,650,370 shares. The stock had previously closed at $13.05.

Wall Street Analysts Forecast Growth

PATH has been the subject of several recent research reports. BMO Capital Markets boosted their price objective on UiPath from $15.00 to $16.00 and gave the company a “market perform” rating in a report on Friday, December 6th. DA Davidson upped their price objective on shares of UiPath from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. Morgan Stanley raised their price objective on shares of UiPath from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday, December 6th. Bank of America boosted their target price on shares of UiPath from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, September 6th. Finally, Wells Fargo & Company dropped their price target on shares of UiPath from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $17.50.

UiPath Stock Up 0.4 %

The firm has a market cap of $7.24 billion, a PE ratio of -82.38 and a beta of 0.94. The company has a 50-day simple moving average of $13.45 and a two-hundred day simple moving average of $12.65.

Hedge Funds Weigh In On UiPath

A number of hedge funds and other institutional investors have recently made changes to their positions in PATH. Senvest Management LLC raised its position in UiPath by 16.7% in the third quarter. Senvest Management LLC now owns 10,894,483 shares of the company’s stock worth $139,449,000 after acquiring an additional 1,559,500 shares during the period. Geode Capital Management LLC increased its stake in shares of UiPath by 7.2% during the 3rd quarter. Geode Capital Management LLC now owns 7,312,068 shares of the company’s stock worth $93,619,000 after purchasing an additional 493,502 shares during the last quarter. Pacer Advisors Inc. bought a new stake in shares of UiPath in the 2nd quarter worth approximately $69,180,000. Jacobs Levy Equity Management Inc. lifted its stake in UiPath by 554.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 4,026,502 shares of the company’s stock valued at $51,539,000 after purchasing an additional 3,411,562 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in UiPath by 11.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,890,360 shares of the company’s stock valued at $36,997,000 after purchasing an additional 291,171 shares during the period. 62.50% of the stock is owned by hedge funds and other 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.