Algert Global LLC Has $8.29 Million Holdings in Unity Software Inc. $U

Key Points

• Algert Global cut its Unity Software stake by 42.1% in the second quarter, selling 210,668 shares and retaining 289,936 shares valued at approximately $8.29 million. Institutional investors collectively own 73.46% of the company.
• Analyst sentiment remains positive, with Unity receiving a consensus “Moderate Buy” rating and an average price target of $45.16. HSBC and Bank of America upgraded the stock to “buy,” while several firms raised their price targets.
• Unity reported quarterly revenue of $546.47 million and adjusted earnings of $0.28 per share, beating expectations, with revenue up 24% year over year. Shares opened at $44.15, well above the 200-day moving average of $27.50.

Algert Global LLC reduced its stake in shares of Unity Software Inc. (NYSE:U - Free Report) by 42.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 289,936 shares of the company's stock after selling 210,668 shares during the quarter. Algert Global LLC owned 0.07% of Unity Software worth $8,286,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in U. Renaissance Technologies LLC bought a new stake in Unity Software during the 1st quarter worth approximately $54,534,000. Entropy Technologies LP bought a new position in Unity Software in the first quarter valued at about $1,985,000. Vanguard Group Inc. raised its stake in shares of Unity Software by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 35,553,296 shares of the company's stock worth $1,570,389,000 after buying an additional 996,685 shares during the last quarter. Nano Cap New Millennium Growth Fund L P bought a new position in shares of Unity Software in the 4th quarter worth $3,710,000. Finally, Norges Bank bought a new position in Unity Software during the 4th quarter worth approximately $230,285,000. 73.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on U. HSBC upgraded Unity Software from a "hold" rating to a "buy" rating and set a $47.10 target price on the stock in a report on Friday, August 7th. Oppenheimer boosted their price target on Unity Software from $38.00 to $47.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. Barclays upped their price objective on Unity Software from $28.00 to $33.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Bank of America upgraded shares of Unity Software from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $30.00 to $50.00 in a research note on Friday, August 7th. Finally, BTIG Research boosted their price target on Unity Software from $43.00 to $51.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $45.16.

Insider Activity

In related news, SVP Rebecca Berenice Boyden sold 1,032 shares of the stock in a transaction that occurred on 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 transaction, the senior vice president owned 308,413 shares of the company's stock, valued at $13,977,277.16. This represents a 0.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jarrod Yahes sold 26,017 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $45.31, for a total value of $1,178,830.27. Following the completion of the transaction, the chief financial officer owned 678,343 shares of the company's stock, valued at $30,735,721.33. The trade was a 3.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 43,432 shares of company stock worth $1,967,914. Corporate insiders own 0.77% of the company's stock.

Unity Software Stock Down 1.9%

Shares of NYSE U opened at $44.15 on Thursday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.03 and a current ratio of 2.03. Unity Software Inc. has a 52 week low of $16.78 and a 52 week high of $52.15. The stock has a market capitalization of $19.43 billion, a P/E ratio of -32.46, a PEG ratio of 1.97 and a beta of 2.04. The stock's fifty day moving average is $34.53 and its 200 day moving average is $27.50.

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

Unity Software Profile

Unity Software is a leading provider of a real-time 3D development platform that enables creators across industries to design, build and operate interactive, real-time experiences. Originally focused on the game development market, Unity's technology now extends into sectors such as film, automotive, architecture, engineering and construction, delivering immersive content for mobile, desktop, console, augmented reality and virtual reality devices. The company's core offering comprises a suite of authoring tools, runtime engines and cloud services that streamline the creation and deployment of interactive 3D applications.

The Unity Editor serves as the central hub where developers design scenes, script behavior and iterate on assets.

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