Norges Bank Buys Shares of 5,601,190 UiPath Inc. (NYSE:PATH)

Norges Bank purchased a new position in shares of UiPath Inc. (NYSE:PATH - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 5,601,190 shares of the company's stock, valued at approximately $71,191,000. Norges Bank owned 1.02% of UiPath at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of PATH. Jackson Creek Investment Advisors LLC acquired a new stake in shares of UiPath during the fourth quarter worth about $298,000. Stifel Financial Corp lifted its position in UiPath by 30.1% during the 3rd quarter. Stifel Financial Corp now owns 323,818 shares of the company's stock worth $4,145,000 after acquiring an additional 74,959 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in shares of UiPath by 554.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 4,026,502 shares of the company's stock valued at $51,539,000 after purchasing an additional 3,411,562 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of UiPath by 10.5% in the third quarter. Principal Financial Group Inc. now owns 36,685 shares of the company's stock valued at $470,000 after purchasing an additional 3,477 shares during the period. Finally, ING Groep NV purchased a new stake in shares of UiPath during the fourth quarter worth approximately $3,120,000. 62.50% of the stock is owned by hedge funds and other institutional investors.

UiPath Price Performance

PATH stock traded down $0.23 during midday trading on Friday, reaching $10.04. 21,037,997 shares of the company's stock traded hands, compared to its average volume of 9,957,396. UiPath Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $21.90. The business has a 50-day moving average price of $12.58 and a two-hundred day moving average price of $12.97. The company has a market capitalization of $5.53 billion, a P/E ratio of -62.72 and a beta of 1.00.

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Wall Street Analyst Weigh In

PATH has been the topic of several recent research reports. Barclays dropped their price objective on shares of UiPath from $15.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Bank of America reiterated an "underperform" rating and set a $10.00 price target (down from $18.00) on shares of UiPath in a research note on Thursday, March 13th. Evercore ISI reduced their price objective on shares of UiPath from $16.00 to $12.00 and set an "in-line" rating for the company in a research report on Thursday, March 13th. Mizuho dropped their target price on UiPath from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Finally, Royal Bank of Canada reissued a "sector perform" rating and set a $13.00 target price on shares of UiPath in a research note on Wednesday, March 26th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $13.62.

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.