UiPath (NYSE:PATH) Shares Gap Up Following Better-Than-Expected Earnings

Shares of UiPath, Inc. (NYSE:PATH) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $14.86, but opened at $16.10. UiPath shares last traded at $17.4210, with a volume of 32,604,313 shares traded.

The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. UiPath had a return on equity of 3.83% and a net margin of 14.79%.The company had revenue of $411.11 million during the quarter, compared to analysts’ expectations of $392.46 million. During the same period in the previous year, the firm posted $0.11 earnings per share. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Royal Bank Of Canada upped their target price on shares of UiPath from $14.00 to $16.00 and gave the company a “sector perform” rating in a report on Thursday. Mizuho upped their price objective on shares of UiPath from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Thursday. DA Davidson lifted their target price on shares of UiPath from $12.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday. Canaccord Genuity Group boosted their price target on UiPath from $15.00 to $19.00 and gave the company a “buy” rating in a report on Thursday. Finally, Needham & Company LLC reissued a “hold” rating on shares of UiPath in a research note on Thursday. One equities research analyst has rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $15.46.

Insider Buying and Selling at UiPath

In other UiPath news, CFO Ashim Gupta sold 240,874 shares of the company’s stock in a transaction dated Thursday, October 9th. The stock was sold at an average price of $17.28, for a total transaction of $4,162,302.72. Following the completion of the sale, the chief financial officer directly owned 696,117 shares in the company, valued at $12,028,901.76. This represents a 25.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Daniel Dines sold 122,734 shares of the business’s stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $14.89, for a total value of $1,827,509.26. Following the sale, the chief executive officer owned 613,670 shares of the company’s stock, valued at $9,137,546.30. The trade was a 16.67% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 2,319,002 shares of company stock worth $34,094,875 over the last ninety days. Corporate insiders own 23.19% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PATH. Twin Peaks Wealth Advisors LLC purchased a new stake in UiPath during the second quarter worth approximately $28,000. AdvisorNet Financial Inc lifted its holdings in shares of UiPath by 320.4% during the 2nd quarter. AdvisorNet Financial Inc now owns 2,476 shares of the company’s stock valued at $32,000 after acquiring an additional 1,887 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of UiPath by 48.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,989 shares of the company’s stock valued at $38,000 after acquiring an additional 969 shares in the last quarter. IFP Advisors Inc boosted its position in UiPath by 508.0% during the 2nd quarter. IFP Advisors Inc now owns 3,283 shares of the company’s stock worth $42,000 after purchasing an additional 2,743 shares during the period. Finally, Bayforest Capital Ltd increased its holdings in UiPath by 852.4% in the 2nd quarter. Bayforest Capital Ltd now owns 4,143 shares of the company’s stock valued at $53,000 after purchasing an additional 3,708 shares in the last quarter. Hedge funds and other institutional investors own 62.50% of the company’s stock.

UiPath Price Performance

The firm has a 50-day simple moving average of $14.93 and a 200 day simple moving average of $13.07. The company has a market capitalization of $9.91 billion, a PE ratio of 44.45, a price-to-earnings-growth ratio of 6.84 and a beta of 1.10.

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.