Canaccord Genuity Group Raises UiPath (NYSE:PATH) Price Target to $30.00

UiPath (NYSE:PATH) had its price target hoisted by investment analysts at Canaccord Genuity Group from $27.00 to $30.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the healthcare company’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 30.07% from the company’s current price.

Several other brokerages also recently commented on PATH. Royal Bank of Canada raised their target price on UiPath from $19.00 to $24.00 and gave the company a “sector perform” rating in a research note on Friday, December 1st. Needham & Company LLC upped their target price on UiPath from $25.00 to $30.00 and gave the company a “buy” rating in a report on Thursday. JPMorgan Chase & Co. raised UiPath from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $22.00 to $28.00 in a research report on Thursday. Barclays lifted their target price on UiPath from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Friday, January 12th. Finally, Morgan Stanley increased their price target on shares of UiPath from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Friday, December 1st. Nine investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $27.13.

UiPath Price Performance

Shares of PATH traded up $0.32 during trading hours on Friday, hitting $23.07. 9,842,354 shares of the stock were exchanged, compared to its average volume of 10,074,664. The business has a 50-day moving average of $23.52 and a 200-day moving average of $20.70. UiPath has a fifty-two week low of $12.38 and a fifty-two week high of $27.87. The firm has a market capitalization of $13.06 billion, a P/E ratio of -135.46 and a beta of 0.97.

Insider Buying and Selling

In other news, CFO Ashim Gupta sold 16,000 shares of UiPath stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $22.47, for a total transaction of $359,520.00. Following the completion of the sale, the chief financial officer now owns 103,505 shares in the company, valued at approximately $2,325,757.35. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Rich Wong sold 200,000 shares of UiPath stock in a transaction on Monday, January 8th. The shares were sold at an average price of $23.12, for a total transaction of $4,624,000.00. Following the completion of the sale, the director now directly owns 429,418 shares of the company’s stock, valued at approximately $9,928,144.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Ashim Gupta sold 16,000 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $22.47, for a total value of $359,520.00. Following the completion of the transaction, the chief financial officer now directly owns 103,505 shares in the company, valued at approximately $2,325,757.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 411,000 shares of company stock worth $9,418,670. Corporate insiders own 31.03% of the company’s stock.

Hedge Funds Weigh In On UiPath

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in shares of UiPath during the 4th quarter valued at about $165,749,000. BlackRock Inc. raised its stake in shares of UiPath by 32.1% during the second quarter. BlackRock Inc. now owns 23,376,854 shares of the healthcare company’s stock worth $387,354,000 after acquiring an additional 5,681,577 shares in the last quarter. Altimeter Capital Management LP lifted its holdings in shares of UiPath by 175.4% in the 1st quarter. Altimeter Capital Management LP now owns 8,275,000 shares of the healthcare company’s stock worth $71,579,000 after acquiring an additional 5,270,194 shares during the last quarter. Senvest Management LLC boosted its stake in shares of UiPath by 188.4% in the 2nd quarter. Senvest Management LLC now owns 6,027,933 shares of the healthcare company’s stock valued at $99,883,000 after purchasing an additional 3,937,951 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of UiPath by 899.5% during the 4th quarter. Millennium Management LLC now owns 4,049,999 shares of the healthcare company’s stock valued at $51,475,000 after purchasing an additional 3,644,799 shares during the last quarter. 59.04% of the stock is currently owned by hedge funds and other institutional investors.

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, and Japan. The company offers a suite of interrelated software to build, manage, run, engage, measure, and govern automation within the organization.