Top 5 Tech and Automation Stocks in Cathie Wood’s Portfolio

2. UiPath Inc. (NYSE:PATH)

Ark Investment’s Stake Value: $1.26 billion

Percent of 13F Portfolio: 3.02%

Number of Hedge Fund Holders: 27

Insider Monkey tracked that 27 hedge funds had stakes in UiPath Inc. (NYSE:PATH) in the September quarter of 2021. UiPath Inc. (NYSE:PATH) develops and manufactures end-to-end automation platforms and robotic process automation for a  range of companies in the US, Romania, and Japan.

Ark Investment Management held 23.9 million shares of the company worth $1.259 billion in the third quarter of 2021. Ark Investment Management is also the leading hedge fund investor in UiPath Inc. (NYSE:PATH).

On December 15, 2021, BMO Capital lowered its price target on UiPath Inc. (NYSE:PATH) to $52 from $57 and kept a “Market Perform” rating on the stock.

Here is what ClearBridge Investments has to say about UiPath Inc. in its Q2 2021 investor letter:

“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.”