28,231 Shares of Unity Software Inc. $U Purchased by VCI Wealth Management LLC

Key Points

• VCI Wealth Management purchased 28,231 shares of Unity Software worth approximately $1.16 million during the third quarter. Hedge funds and other institutional investors collectively own 73.46% of the company.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $48.86; several firms recently raised their targets or upgraded the stock to “Buy.”
• Unity reported quarterly revenue of $546.47 million, up 24% year over year, and adjusted earnings of $0.28 per share, beating analyst expectations. However, insiders sold 109,547 shares worth about $4.88 million over the past three months.

VCI Wealth Management LLC purchased a new stake in Unity Software Inc. (NYSE:U - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 28,231 shares of the company's stock, valued at approximately $1,155,000.

A number of other hedge funds have also modified their holdings of U. Atreides Management LP purchased a new stake in Unity Software in the 2nd quarter valued at approximately $292,826,000. Resolute Advisors LLC increased its position in Unity Software by 473.3% during the second quarter. Resolute Advisors LLC now owns 4,766,219 shares of the company's stock worth $136,219,000 after buying an additional 3,934,840 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Unity Software by 9,886.8% during the third quarter. Assenagon Asset Management S.A. now owns 2,645,007 shares of the company's stock worth $108,260,000 after buying an additional 2,618,522 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Unity Software during the first quarter worth $54,534,000. Finally, Avala Global LP acquired a new position in shares of Unity Software in the second quarter worth $62,522,000. 73.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on U. Wedbush upped their price objective on Unity Software from $50.00 to $55.00 and gave the company an "outperform" rating in a research report on Wednesday, October 14th. Citigroup lifted their price objective on Unity Software from $40.00 to $48.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Weiss Ratings reissued a "sell (d-)" rating on shares of Unity Software in a research note on Monday. Deutsche Bank Aktiengesellschaft raised shares of Unity Software from a "hold" rating to a "buy" rating and boosted their target price for the company from $31.00 to $50.00 in a research note on Friday, August 7th. Finally, Bank of America upgraded shares of Unity Software from a "neutral" rating to a "buy" rating and upped their target price for the company from $30.00 to $50.00 in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $48.86.

Insider Buying and Selling

In other news, COO Alexander Blum sold 43,556 shares of the company's stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $43.51, for a total value of $1,895,121.56. Following the completion of the sale, the chief operating officer owned 661,855 shares of the company's stock, valued at $28,797,311.05. This represents a 6.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Rebecca Boyden sold 1,032 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $45.32, for a total value of $46,770.24. Following the completion of the sale, the senior vice president owned 308,413 shares of the company's stock, valued at approximately $13,977,277.16. This trade represents a 0.33% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 109,547 shares of company stock worth $4,884,202 over the last three months. 0.77% of the stock is currently owned by corporate insiders.

Unity Software Price Performance

U opened at $38.78 on Tuesday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.55. Unity Software Inc. has a 52-week low of $16.78 and a 52-week high of $52.15. The company has a 50 day moving average of $42.40 and a two-hundred day moving average of $31.77. The company has a market cap of $17.07 billion, a P/E ratio of -28.52, a P/E/G ratio of 1.73 and a beta of 2.11.

Unity Software (NYSE:U - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.39. The company had revenue of $546.47 million during the quarter, compared to analyst estimates of $514.72 million. Unity Software had a negative net margin of 28.97% and a positive return on equity of 4.64%. The business's quarterly revenue was up 24.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 earnings per share. On average, analysts expect that Unity Software Inc. will post 0.55 earnings per share for the current year.

Unity Software Company Profile

Unity Software Inc develops software and services for creating, operating and monetizing interactive, real-time content. Its core product is the Unity engine, a development platform used to build video games and experiences for mobile devices, personal computers, consoles, augmented and virtual reality systems, and other platforms.

The company also provides tools and services that support the development and operation of interactive applications, including collaboration and cloud-based development tools, multiplayer and voice communication capabilities, analytics, advertising, and in-app monetization solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.