Coatue Management LLC purchased a new position in shares of UiPath Inc. (NASDAQ:PATH) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 11,332,361 shares of the healthcare company’s stock, valued at approximately $769,807,000. UiPath comprises approximately 3.0% of Coatue Management LLC’s portfolio, making the stock its 11th largest position.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. PEAK6 Investments LLC bought a new stake in UiPath during the 2nd quarter worth approximately $518,000. Laurion Capital Management LP bought a new position in UiPath in the 2nd quarter valued at $1,019,000. Liberty Mutual Group Asset Management Inc. bought a new position in UiPath in the 2nd quarter valued at $1,730,000. Gryphon Financial Partners LLC bought a new position in UiPath in the 2nd quarter valued at $603,000. Finally, Wit LLC bought a new position in UiPath in the 2nd quarter valued at $989,000. Institutional investors and hedge funds own 31.14% of the company’s stock.
Shares of NASDAQ PATH traded up $1.03 during mid-day trading on Thursday, hitting $51.02. The company had a trading volume of 67,288 shares, compared to its average volume of 4,153,465. The company has a 50-day moving average price of $57.51. UiPath Inc. has a one year low of $47.20 and a one year high of $90.00.
In related news, CFO Ashim Gupta sold 26,404 shares of UiPath stock in a transaction dated Tuesday, August 24th. The stock was sold at an average price of $62.00, for a total transaction of $1,637,048.00. Following the completion of the transaction, the chief financial officer now owns 638,091 shares in the company, valued at $39,561,642. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brad Brubaker sold 6,700 shares of UiPath stock in a transaction dated Friday, August 13th. The stock was sold at an average price of $62.13, for a total value of $416,271.00. Following the transaction, the insider now owns 6,700 shares of the company’s stock, valued at approximately $416,271. The disclosure for this sale can be found here. Insiders sold a total of 460,427 shares of company stock valued at $27,289,358 in the last 90 days. 28.60% of the stock is owned by corporate insiders.
A number of research analysts have commented on the company. Oppenheimer reiterated a “hold” rating on shares of UiPath in a research report on Wednesday, September 8th. Canaccord Genuity raised UiPath to a “hold” rating and cut their price target for the company from $75.00 to $65.00 in a research note on Wednesday, September 8th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price target on shares of UiPath in a research note on Wednesday, October 6th. Wells Fargo & Company cut their price target on UiPath from $75.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 8th. They noted that the move was a valuation call. Finally, Morgan Stanley increased their price target on UiPath from $72.00 to $74.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 8th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, UiPath presently has a consensus rating of “Hold” and a consensus price target of $70.81.
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. It develops UiPath Studio, a platform designed for RPA developers looking to build complex process automations with built-in governance capabilities, such as robust debugging tools, application programming interface automation, wizards to automate desktop or web applications, leverage custom code, and to integrate machine learning models into production workflows.
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