Wells Fargo & Company Cuts Uber Technologies (NYSE:UBER) Price Target to $120.00

Uber Technologies (NYSE:UBER) had its price objective lowered by Wells Fargo & Company from $125.00 to $120.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the ride-sharing company’s stock.

A number of other equities research analysts have also weighed in on UBER. UBS Group set a $122.00 target price on shares of Uber Technologies and gave the stock a “buy” rating in a report on Wednesday. Wedbush reduced their price objective on shares of Uber Technologies from $85.00 to $84.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Weiss Ratings restated a “buy (b-)” rating on shares of Uber Technologies in a report on Tuesday, October 14th. Wall Street Zen downgraded Uber Technologies from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Raymond James Financial increased their price target on Uber Technologies from $100.00 to $105.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.26.

Uber Technologies Price Performance

Shares of NYSE:UBER traded down $0.09 during trading on Wednesday, hitting $92.03. 16,465,686 shares of the company were exchanged, compared to its average volume of 16,787,038. The business’s 50 day moving average is $95.46 and its 200-day moving average is $91.09. The company has a market capitalization of $191.21 billion, a P/E ratio of 11.83 and a beta of 1.46. The company has a quick ratio of 1.11, a current ratio of 1.15 and a debt-to-equity ratio of 0.37. Uber Technologies has a 1-year low of $59.33 and a 1-year high of $101.99.

Uber Technologies (NYSE:UBER) last released its quarterly earnings data on Tuesday, November 4th. The ride-sharing company reported $3.11 earnings per share for the quarter, beating the consensus estimate of $0.67 by $2.44. Uber Technologies had a return on equity of 68.17% and a net margin of 33.54%.The company had revenue of $13.47 billion for the quarter, compared to the consensus estimate of $13.25 billion. During the same quarter last year, the business posted $1.20 EPS. Uber Technologies’s revenue for the quarter was up 20.4% on a year-over-year basis. Equities analysts forecast that Uber Technologies will post 2.54 earnings per share for the current year.

Insider Transactions at Uber Technologies

In related news, insider Tony West sold 3,125 shares of Uber Technologies stock in a transaction on Monday, October 20th. The shares were sold at an average price of $93.00, for a total value of $290,625.00. Following the completion of the sale, the insider owned 172,846 shares of the company’s stock, valued at approximately $16,074,678. This trade represents a 1.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Dara Khosrowshahi sold 150,000 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $100.48, for a total transaction of $15,072,000.00. Following the sale, the chief executive officer owned 982,544 shares of the company’s stock, valued at $98,726,021.12. This trade represents a 13.24% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 604,946 shares of company stock valued at $58,950,116. Company insiders own 3.84% of the company’s stock.

Institutional Investors Weigh In On Uber Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Kilter Group LLC purchased a new stake in shares of Uber Technologies in the second quarter worth approximately $26,000. Vision Financial Markets LLC purchased a new stake in Uber Technologies in the 1st quarter valued at $27,000. Westend Capital Management LLC bought a new position in Uber Technologies during the 3rd quarter valued at $27,000. West Oak Capital LLC purchased a new position in Uber Technologies during the 2nd quarter worth $28,000. Finally, Truvestments Capital LLC grew its stake in shares of Uber Technologies by 498.5% in the 1st quarter. Truvestments Capital LLC now owns 407 shares of the ride-sharing company’s stock worth $30,000 after acquiring an additional 339 shares in the last quarter. Institutional investors and hedge funds own 80.24% of the company’s stock.

Uber Technologies Company Profile

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.