ARK's ARK Investment Management buys 950,000 shares in software maker UiPath

On Thursday, ARK Investment Management bought over 950,000 shares of software-maker UiPath Inc PATH, valued at over $11.9 million. The purchase was made through six different Ark exchange-traded funds.

UiPath is the 10th largest holding of the company's flagship ARK Innovation ETF ARKK, with a weight of 4.1%, valued at over $328 million.

Wood has been upbeat about this stock and has been able to load up on the company's shares since the beginning of the month.

In early September, the ARK founder bought over 3.4 million shares in the software maker and purchased another 87,000 shares in the company.

Many people have given mixed opinions on the company's stock price after attending the company's analyst day this week. According to the Benzinga Analyst Stock-Ratings tool, Credit Suisse analyst Phil Winslow cut the price target to $30 from $37.50 and kept an Outperform rating. Needham analyst Scott Berg reiterated a Buy rating with a $20 price target.

UiPath is engaged with Microsoft Corporation MSFT to make automation experiences and integrations between the two strategic partners. It said that Microsoft and UiPath will collaborate to bring automation solutions to market powered by Microsoft Azure.