Provident Investment Management Inc. Makes New Investment in Uber Technologies, Inc. (NYSE:UBER)

Provident Investment Management Inc. acquired a new position in Uber Technologies, Inc. (NYSE:UBER) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 328,881 shares of the ride-sharing company’s stock, valued at approximately $19,838,000. Uber Technologies accounts for approximately 1.9% of Provident Investment Management Inc.’s investment portfolio, making the stock its 19th largest holding.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Uber Technologies by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 180,766,683 shares of the ride-sharing company’s stock worth $10,903,846,000 after purchasing an additional 2,364,525 shares during the last quarter. Geode Capital Management LLC grew its holdings in Uber Technologies by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 43,561,447 shares of the ride-sharing company’s stock worth $2,621,929,000 after purchasing an additional 1,061,088 shares during the period. Jennison Associates LLC increased its position in Uber Technologies by 36.9% during the fourth quarter. Jennison Associates LLC now owns 26,460,312 shares of the ride-sharing company’s stock worth $1,596,086,000 after buying an additional 7,137,512 shares during the last quarter. Norges Bank acquired a new position in Uber Technologies during the fourth quarter worth approximately $1,467,754,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Uber Technologies by 6.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 13,273,165 shares of the ride-sharing company’s stock valued at $800,637,000 after buying an additional 774,956 shares during the period. Institutional investors own 80.24% of the company’s stock.

Insider Buying and Selling

In other Uber Technologies news, CFO Prashanth Mahendra-Rajah sold 2,750 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $75.00, for a total transaction of $206,250.00. Following the sale, the chief financial officer now directly owns 22,162 shares of the company’s stock, valued at $1,662,150. The trade was a 11.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Nikki Krishnamurthy sold 20,000 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.57, for a total transaction of $1,431,400.00. Following the transaction, the senior vice president now directly owns 361,908 shares of the company’s stock, valued at $25,901,755.56. The trade was a 5.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 77,154 shares of company stock worth $5,793,869 in the last 90 days. Insiders own 3.84% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on UBER. Truist Financial lifted their target price on Uber Technologies from $90.00 to $92.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. UBS Group reaffirmed a “buy” rating on shares of Uber Technologies in a research report on Friday, February 21st. JMP Securities reissued a “market perform” rating on shares of Uber Technologies in a research report on Thursday, February 6th. Citigroup reduced their target price on shares of Uber Technologies from $98.00 to $92.00 and set a “buy” rating for the company in a report on Thursday, February 6th. Finally, Piper Sandler reissued an “overweight” rating and issued a $87.00 price target (up from $80.00) on shares of Uber Technologies in a report on Tuesday, February 18th. Ten analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Uber Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $90.41.

Uber Technologies Trading Down 6.2 %

UBER opened at $69.88 on Friday. The company has a market cap of $146.17 billion, a P/E ratio of 15.32, a PEG ratio of 0.89 and a beta of 1.39. The company has a current ratio of 1.07, a quick ratio of 1.41 and a debt-to-equity ratio of 0.37. The company’s 50 day moving average is $73.83 and its 200-day moving average is $71.81. Uber Technologies, Inc. has a 1-year low of $54.84 and a 1-year high of $87.00.

Uber Technologies (NYSE:UBER) last issued its earnings results on Wednesday, February 5th. The ride-sharing company reported $3.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $2.71. Uber Technologies had a net margin of 22.41% and a return on equity of 62.60%. Equities research analysts predict that Uber Technologies, Inc. will post 2.54 earnings per share for the current fiscal year.

Uber Technologies Company Profile

Uber Technologies, Inc develops and operates proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and Asia excluding China and Southeast Asia. It operates through three segments: Mobility, Delivery, and Freight. The Mobility segment connects consumers with a range of transportation modalities, such as ridesharing, carsharing, micromobility, rentals, public transit, taxis, and other modalities; and offers riders in a variety of vehicle types, as well as financial partnerships products and advertising services.