Norges Bank Invests $1.47 Billion in Uber Technologies, Inc. (NYSE:UBER)

Norges Bank bought a new stake in shares of Uber Technologies, Inc. (NYSE:UBER) during the 4th quarter, Holdings Channel.com reports. The fund bought 24,332,793 shares of the ride-sharing company’s stock, valued at approximately $1,467,754,000.

Several other large investors have also recently modified their holdings of UBER. Teachers Retirement System of The State of Kentucky grew its holdings in Uber Technologies by 4.4% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 321,726 shares of the ride-sharing company’s stock valued at $24,180,000 after purchasing an additional 13,433 shares during the period. Polianta Ltd acquired a new position in Uber Technologies in the fourth quarter valued at about $1,206,000. Allworth Financial LP lifted its stake in Uber Technologies by 8.9% during the fourth quarter. Allworth Financial LP now owns 20,381 shares of the ride-sharing company’s stock worth $1,229,000 after purchasing an additional 1,663 shares in the last quarter. Brophy Wealth Management LLC acquired a new position in Uber Technologies in the 3rd quarter valued at about $1,041,000. Finally, Lecap Asset Management Ltd. acquired a new stake in shares of Uber Technologies in the fourth quarter valued at $3,188,000. Institutional investors own 80.24% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Piper Sandler restated an “overweight” rating and issued a $87.00 target price (up previously from $80.00) on shares of Uber Technologies in a report on Tuesday, February 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 price objective on shares of Uber Technologies in a report on Thursday, February 6th. Needham & Company LLC reiterated a “buy” rating and issued a $90.00 price objective on shares of Uber Technologies in a research note on Wednesday, February 5th. Benchmark reiterated a “hold” rating on shares of Uber Technologies in a research report on Friday, January 31st. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $96.00 price target on shares of Uber Technologies in a research note on Thursday, January 2nd. Ten equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $90.31.

Uber Technologies Trading Down 1.9 %

Shares of UBER opened at $74.18 on Thursday. Uber Technologies, Inc. has a 12-month low of $54.84 and a 12-month high of $87.00. The firm has a market capitalization of $154.95 billion, a price-to-earnings ratio of 16.27, a P/E/G ratio of 0.89 and a beta of 1.39. The stock’s 50-day moving average price is $73.21 and its 200 day moving average price is $71.69. 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 (NYSE:UBER) last posted its earnings results on Wednesday, February 5th. The ride-sharing company reported $3.21 earnings per share 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%. As a group, research analysts predict that Uber Technologies, Inc. will post 2.54 earnings per share for the current year.

Insider Transactions at Uber Technologies

In other Uber Technologies news, insider Tony West sold 23,404 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $70.27, for a total value of $1,644,599.08. Following the transaction, the insider now directly owns 114,241 shares of the company’s stock, valued at $8,027,715.07. This represents a 17.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Prashanth Mahendra-Rajah sold 2,750 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $75.00, for a total transaction of $206,250.00. Following the transaction, the chief financial officer now directly owns 22,162 shares in the company, valued at $1,662,150. This represents a 11.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 77,154 shares of company stock valued at $5,793,869 over the last 90 days. 3.84% of the stock is owned by company insiders.

Uber Technologies 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.