Cathie Wood is Buying These 5 Stocks

2. UiPath Inc. (NYSE:PATH)

ARK Investment Management’s Stake Value: $1,259,161,000

ARK Investment Management’s 13F Portfolio: 3.02%

Number of Hedge Fund Holders: 46

UiPath Inc. (NYSE:PATH) is a global software company that focuses on developing automation platforms. Cathie Wood increased her position in the stock by 102% in the third quarter of 2021, bringing the total number of shares to 23.9 million. Wood’s fund held $1.26 billion worth of tech stock at the end of the September quarter.

Shares of UiPath Inc. (NYSE:PATH) jumped 1.89% on October 13 after the company announced its partnership with Snowflake Inc., a cloud-based data platform provider based in Montana. 

Phil Winslow of Credit Suisse initiated an Outperform rating on UiPath Inc. (NYSE:PATH) on November 16. Winslow believes UiPath could potentially become the world’s largest fully-automated enterprise platform. The analyst set a $75 price target for the stock.

At the end of the second quarter of 2021, 46 hedge funds in the database of Insider Monkey held stakes worth $3.46 billion in UiPath Inc. (NYSE:PATH), compared to 0 in the previous quarter.

In its Q2 2021 investor letter, ClearBridge Investments mentioned UiPath Inc. (NYSE:PATH) and discussed its stance on the firm. 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.”