Shares of UiPath, Inc. (NYSE: PATH) experienced a decline of 3.2% on January 2, 2024, following significant insider selling by CEO Daniel Dines. The stock, which had previously closed at $16.39, dipped to a low of $15.49 before settling at $15.8650. During trading, approximately 44,011,479 shares changed hands, a notable increase of 56% compared to the average volume of 28,140,886 shares.
In a detailed transaction, Dines sold 45,000 shares at an average price of $16.38, amounting to a total of $737,100. Following this sale, he retains ownership of 28,433,585 shares, valued at approximately $465,742,122.30. This sale represents a 0.16% decrease in his total holdings. The transaction was reported in a filing with the Securities & Exchange Commission (SEC).
Dines has made multiple sales of UiPath stock in recent weeks. On December 31, he sold another 45,000 shares at an average price of $16.55, totaling $744,750. As of that transaction, he owned 28,478,585 shares valued at $471,320,581.75. Additionally, on December 29, Dines sold 45,000 shares for $739,800, further reducing his ownership position.
Market Reactions and Analyst Ratings
Following the recent stock movements, several analysts have updated their ratings on UiPath shares. The Royal Bank of Canada raised its price target from $16.00 to $19.00 while maintaining a “sector perform” rating. Cowen reaffirmed a “hold” rating, and DA Davidson increased its price target from $12.00 to $15.00, assigning a “neutral” rating. Meanwhile, Wall Street Zen downgraded UiPath from a “strong-buy” to a “buy” rating.
Overall, the consensus rating for UiPath stands at “Hold,” with a price target averaging $16.00, according to data from MarketBeat.com.
Company Performance and Institutional Investments
UiPath’s recent performance has shown some promising indicators. The company reported quarterly earnings on December 3, 2023, posting earnings per share (EPS) of $0.16, exceeding the consensus estimate of $0.14. Revenue for the quarter reached $411.11 million, surpassing expectations of $392.46 million. This reflects a year-over-year revenue increase of 15.9%.
Several institutional investors have also made significant adjustments to their holdings in UiPath. Vanguard Group Inc. increased its investment by 4.9% in the third quarter, acquiring an additional 2,251,434 shares. TFG Asset Management GP Ltd. boosted its stake by 53.3%, while AQR Capital Management LLC raised its holdings by 76.0%. Currently, institutional investors hold approximately 62.50% of UiPath’s stock.
As UiPath continues to navigate its market position, the focus remains on its innovative automation platform, which provides a comprehensive suite of solutions designed to enhance organizational efficiency and decision-making. The company’s ongoing updates and performance metrics will be critical as investors evaluate its future trajectory.
