KLP Kapitalforvaltning AS Takes $44.84 Million Position in Uber Technologies, Inc. (NYSE:UBER)

KLP Kapitalforvaltning AS acquired a new stake in Uber Technologies, Inc. (NYSE:UBER) during the fourth quarter, Holdings Channel.com reports. The firm acquired 743,300 shares of the ride-sharing company’s stock, valued at approximately $44,836,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. raised its stake in Uber Technologies by 26.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 326,829 shares of the ride-sharing company’s stock worth $24,564,000 after acquiring an additional 68,833 shares in the last quarter. First Horizon Advisors Inc. increased its stake in Uber Technologies by 11.5% in the third quarter. First Horizon Advisors Inc. now owns 6,290 shares of the ride-sharing company’s stock valued at $473,000 after purchasing an additional 649 shares during the period. Ontario Teachers Pension Plan Board acquired a new position in Uber Technologies in the third quarter valued at $327,000. Moran Wealth Management LLC increased its stake in Uber Technologies by 3.2% in the third quarter. Moran Wealth Management LLC now owns 27,970 shares of the ride-sharing company’s stock valued at $2,102,000 after purchasing an additional 871 shares during the period. Finally, Cornerstone Advisors LLC acquired a new position in Uber Technologies in the third quarter valued at $1,150,000. 80.24% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Jill Hazelbaker sold 31,000 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $81.02, for a total value of $2,511,620.00. Following the completion of the transaction, the insider now directly owns 86,973 shares in the company, valued at approximately $7,046,552.46. This represents a 26.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Tony West sold 23,404 shares of the company’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $70.27, for a total transaction of $1,644,599.08. Following the completion of the transaction, the insider now owns 114,241 shares of the company’s stock, valued at $8,027,715.07. This trade represents a 17.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 74,404 shares of company stock worth $5,587,619 over the last ninety days. 3.84% of the stock is owned by company insiders.

Uber Technologies Price Performance

UBER opened at $75.94 on Friday. The company has a quick ratio of 1.41, a current ratio of 1.07 and a debt-to-equity ratio of 0.37. Uber Technologies, Inc. has a 52-week low of $54.84 and a 52-week high of $87.00. The company has a 50 day moving average of $72.64 and a two-hundred day moving average of $71.59. The company has a market cap of $158.65 billion, a P/E ratio of 16.65, a P/E/G ratio of 0.89 and a beta of 1.39.

Uber Technologies (NYSE:UBER) last released its quarterly earnings data on Wednesday, February 5th. The ride-sharing company reported $3.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $2.71. Uber Technologies had a net margin of 22.41% and a return on equity of 62.60%. On average, analysts expect that Uber Technologies, Inc. will post 2.54 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Citigroup dropped their price objective on shares of Uber Technologies from $98.00 to $92.00 and set a “buy” rating on the stock in a research note on Thursday, February 6th. JPMorgan Chase & Co. dropped their price objective on shares of Uber Technologies from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. Piper Sandler restated an “overweight” rating and issued a $87.00 price objective (up from $80.00) on shares of Uber Technologies in a research note on Tuesday, February 18th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $96.00 target price on shares of Uber Technologies in a report on Thursday, January 2nd. Finally, Wells Fargo & Company lowered their target price on shares of Uber Technologies from $90.00 to $87.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Ten investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Uber Technologies has a consensus rating of “Moderate Buy” and an average price target of $90.31.

About Uber Technologies

Uber Technologies, Inc develops and operates proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and Asia excluding China and Southeast Asia. It operates through three segments: Mobility, Delivery, and Freight. The Mobility segment connects consumers with a range of transportation modalities, such as ridesharing, carsharing, micromobility, rentals, public transit, taxis, and other modalities; and offers riders in a variety of vehicle types, as well as financial partnerships products and advertising services.