5 Best New Tech Stocks to Buy Now

4. UiPath Inc. (NYSE: PATH)

IPO Date: April 21, 2021 

No. of Hedge Funds Having Stakes in the Company: N/A

UiPath Inc. (NYSE: PATH) is a global enterprise automation software company that helps other companies to automate their business processes. The company offers an end-to-end platform for automation and combines the robotic process automation (RPA) solution. As of April 2021, UiPath Inc. (NYSE: PATH) has over 8,500 customers located worldwide.

In the fiscal quarter of 2022, UiPath Inc. (NYSE: PATH) reported revenue of $186.2 million, up 65% from the prior-year quarter. Annual recurring revenue also increased 64% at $652.6 million. In the first quarter, UiPath Inc. (NYSE: PATH) launched a Tableau Activity in partnership with Tableau Software for customers to use the data produced by RPA. For FY22, the company expects revenue in the range of $180 million to $185 million.

In June, BMO Capital raised its price target on UiPath Inc. (NYSE: PATH) to $85, with a ‘Market Perform’ rating on the shares. The company’s ARR growth was appreciated by Truist, which kept a ‘Buy’ rating on the stock in June.

ClearBridge Investments recently released its second-quarter 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.”