2. UiPath Inc. (NYSE:PATH)
Number of Hedge Fund Holders: 27
UiPath Inc. (NYSE:PATH), an American software company, has built AI into every part of the UiPath platform to discover automation opportunities.
In its recently announced Q3 earnings, UiPath Inc. (NYSE:PATH) posted an EPS of $0.00, beating the estimates by $0.04. Moreover, the company reported a 58% year-over-year growth in its annualized renewal run-rate (ARR) at $818.4 million. Citing the company’s solid growth potential, recently, Truist set a $75 price target on UiPath Inc. (NYSE:PATH), while keeping a Buy rating on the shares.
ARK Investment Management remained bullish on UiPath Inc. (NYSE:PATH) in Q3, as the hedge fund increased its stake in the company by 102%, which accounted for 3.02% of its 13F portfolio.
Apart from Cathie Wood’s hedge fund, Alkeon Capital Management was one of the prominent stakeholders of UiPath Inc. (NYSE:PATH) in Q3, holding over 12.5 million shares. Overall, the number of hedge funds tracked by Insider Monkey having stakes in UiPath Inc. (NYSE:PATH) decreased to 27, from 46 in the previous quarter. However, the total value of these stakes stood at $3.62 billion in Q3, up from $3.45 billion in the preceding quarter.
ClearBridge Investments released its Q2 2021 investor letter and mentioned UiPath Inc. (NYSE: PATH) in it. Here is what the firm has to say:
“We participated in the IPO of UiPath, a developer of software for robotic process automation that uses AI, natural language processing and design to streamline complex processes across a variety of technology environments. The company is an industry leader with a superior solution for leveraging software to optimize workloads. Organizations around the world are beginning to understand the power of automation, with momentum picking up toward fully automating business processes, a $60 billion market today that could grow to $200 billion or more by 2030. UiPath has a unique pricing model, broad partner ecosystem and thoughtful management team supporting one of the strongest growth profiles in technology. Risks we are watching include a partial cloud transition ahead and increased competition from larger software platforms over time.”
