Sumitomo Mitsui Trust Holdings Inc. Sells 3,142,416 Shares of UiPath Inc. (NYSE:PATH)

Sumitomo Mitsui Trust Holdings Inc. trimmed its holdings in shares of UiPath Inc. (NYSE:PATH) by 14.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,312,015 shares of the healthcare company’s stock after selling 3,142,416 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 3.39% of UiPath worth $437,803,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its position in UiPath by 819.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 19,209 shares of the healthcare company’s stock valued at $435,000 after buying an additional 17,120 shares during the period. Diversified Trust Co bought a new position in shares of UiPath in the first quarter worth approximately $553,000. SteelPeak Wealth LLC boosted its position in shares of UiPath by 46.3% in the first quarter. SteelPeak Wealth LLC now owns 22,592 shares of the healthcare company’s stock worth $512,000 after purchasing an additional 7,149 shares during the period. Hennion & Walsh Asset Management Inc. boosted its position in shares of UiPath by 79.7% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 29,578 shares of the healthcare company’s stock worth $671,000 after purchasing an additional 13,114 shares during the period. Finally, 180 Wealth Advisors LLC boosted its position in shares of UiPath by 7.2% in the first quarter. 180 Wealth Advisors LLC now owns 202,637 shares of the healthcare company’s stock worth $4,594,000 after purchasing an additional 13,687 shares during the period. 62.50% of the stock is currently owned by institutional investors.

UiPath Trading Up 0.7 %

Shares of PATH traded up $0.09 during midday trading on Wednesday, hitting $13.05. The stock had a trading volume of 1,029,065 shares, compared to its average volume of 9,842,090. UiPath Inc. has a 1 year low of $11.07 and a 1 year high of $27.87. The stock’s 50 day moving average is $15.92 and its 200 day moving average is $20.58.

UiPath (NYSE:PATH) last announced its earnings results on Wednesday, May 29th. The healthcare company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). UiPath had a negative net margin of 6.41% and a negative return on equity of 2.97%. The business had revenue of $335.11 million for the quarter, compared to the consensus estimate of $332.84 million. As a group, analysts expect that UiPath Inc. will post -0.2 EPS for the current year.

Insider Transactions at UiPath

In other news, CFO Ashim Gupta sold 40,000 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $19.79, for a total value of $791,600.00. Following the transaction, the chief financial officer now directly owns 946,848 shares in the company, valued at $18,738,121.92. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 22.37% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on PATH shares. Needham & Company LLC reiterated a “hold” rating on shares of UiPath in a research report on Thursday, May 30th. Bank of America reiterated a “neutral” rating and issued a $16.00 price target (down from $30.00) on shares of UiPath in a research report on Thursday, May 30th. Wells Fargo & Company lowered their target price on shares of UiPath from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Friday, June 21st. TD Cowen reissued a “hold” rating and issued a $17.00 target price (down previously from $28.00) on shares of UiPath in a report on Thursday, May 30th. Finally, Barclays lowered their target price on shares of UiPath from $25.00 to $16.00 and set an “equal weight” rating on the stock in a report on Thursday, May 30th. Sixteen equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $18.06.

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.