5 Stocks Redditors are Buying for 2022

4. UiPath Inc. (NYSE:PATH)

Number of Hedge Fund Holders: 27 

UiPath Inc. (NYSE:PATH) is an application software firm that provides robotic process automation. The firm recently teamed up with cloud giant Snowflake to integrate the UiPath products onto the Snowflake platform, a collaboration that will help business clients store and analyze their data more securely. The partnership has garnered lots of interest among Redditors. 

On December 3, investment advisory Morgan Stanley upgraded UiPath Inc. (NYSE:PATH) stock to Overweight from Equal Weight with a price target of $74, noting that the firm was executing growth strategies well and was “clear” about the path forward in the automation market. 

At the end of the third quarter of 2021, 27 hedge funds in the database of Insider Monkey held stakes worth $3.6 billion in UiPath Inc. (NYSE:PATH).

In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and UiPath Inc. (NYSE:PATH) was one of them. Here is what the fund said:

“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.”