Bank of Nova Scotia Purchases 320,700 Shares of UiPath, Inc. $PATH

Bank of Nova Scotia grew its position in shares of UiPath, Inc. (NYSE:PATH) by 84.6% during the second quarter, Holdings Channel reports. The institutional investor owned 700,000 shares of the company’s stock after purchasing an additional 320,700 shares during the quarter. Bank of Nova Scotia’s holdings in UiPath were worth $8,960,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in PATH. Vanguard Group Inc. lifted its holdings in UiPath by 3.0% during the first quarter. Vanguard Group Inc. now owns 48,061,096 shares of the company’s stock valued at $495,029,000 after purchasing an additional 1,396,972 shares during the last quarter. Federated Hermes Inc. raised its position in shares of UiPath by 40.7% in the second quarter. Federated Hermes Inc. now owns 8,048,321 shares of the company’s stock valued at $103,019,000 after purchasing an additional 2,328,225 shares during the period. Acadian Asset Management LLC raised its position in shares of UiPath by 51.7% in the second quarter. Acadian Asset Management LLC now owns 6,432,985 shares of the company’s stock valued at $82,322,000 after purchasing an additional 2,191,938 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of UiPath by 10.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,132,003 shares of the company’s stock valued at $63,164,000 after buying an additional 602,866 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of UiPath during the 2nd quarter valued at approximately $68,451,000. Hedge funds and other institutional investors own 62.50% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PATH. Royal Bank Of Canada boosted their target price on shares of UiPath from $16.00 to $19.00 and gave the company a “sector perform” rating in a report on Wednesday. Wells Fargo & Company lifted their price target on UiPath from $12.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, December 4th. Cowen reissued a “hold” rating on shares of UiPath in a report on Thursday, December 4th. Weiss Ratings restated a “sell (d+)” rating on shares of UiPath in a research note on Thursday, October 30th. Finally, Truist Financial set a $17.00 price target on UiPath in a research report on Thursday, December 4th. One analyst has rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, UiPath presently has a consensus rating of “Reduce” and a consensus price target of $16.00.

UiPath Stock Performance

NYSE:PATH opened at $18.67 on Thursday. UiPath, Inc. has a 52-week low of $9.38 and a 52-week high of $19.84. The stock has a fifty day moving average of $15.29 and a 200 day moving average of $13.21. The firm has a market capitalization of $9.91 billion, a price-to-earnings ratio of 44.45, a P/E/G ratio of 7.04 and a beta of 1.10.

UiPath (NYSE:PATH) last announced its earnings results on Wednesday, December 3rd. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. The business had revenue of $411.11 million for the quarter, compared to analyst estimates of $392.46 million. UiPath had a return on equity of 3.73% and a net margin of 14.79%.The company’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.11 EPS. Equities analysts forecast that UiPath, Inc. will post -0.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Daniel Dines sold 45,000 shares of the stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $18.61, for a total value of $837,450.00. Following the transaction, the chief executive officer owned 29,108,585 shares of the company’s stock, valued at $541,710,766.85. This represents a 0.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Brad Brubaker sold 27,580 shares of the firm’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $18.55, for a total transaction of $511,609.00. Following the sale, the insider owned 635,359 shares in the company, valued at approximately $11,785,909.45. This trade represents a 4.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 2,391,582 shares of company stock worth $35,767,934 over the last ninety days. 23.19% of the stock is currently owned by insiders.

UiPath 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, 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.