Assenagon Asset Management S.A. Makes New $757,000 Investment in Unity Software Inc. $U

Key Points

• Assenagon Asset Management acquired 26,485 Unity Software shares worth approximately $757,000 in the second quarter. Institutional investors collectively own 73.46% of the company.
• Unity shares opened at $46.33, near the upper end of their 52-week range of $16.78 to $52.15. The stock has a market capitalization of about $20.39 billion.
• Analysts remain generally optimistic, with a consensus rating of “Moderate Buy” and an average price target of $45.16, while several firms recently raised their targets to between $48 and $54.

Assenagon Asset Management S.A. acquired a new stake in shares of Unity Software Inc. (NYSE:U - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 26,485 shares of the company's stock, valued at approximately $757,000.

Other hedge funds have also recently modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Unity Software by 5.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 813,176 shares of the company's stock worth $15,930,000 after acquiring an additional 45,481 shares in the last quarter. Focus Partners Wealth purchased a new position in shares of Unity Software in the 1st quarter worth about $260,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Unity Software by 28.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,542 shares of the company's stock worth $134,000 after purchasing an additional 1,241 shares during the last quarter. California Public Employees Retirement System boosted its stake in Unity Software by 11.3% in the 2nd quarter. California Public Employees Retirement System now owns 520,774 shares of the company's stock worth $12,603,000 after purchasing an additional 53,015 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in Unity Software by 1,135.6% in the 2nd quarter. Sei Investments Co. now owns 224,715 shares of the company's stock worth $5,438,000 after purchasing an additional 206,529 shares in the last quarter. Institutional investors own 73.46% of the company's stock.

Unity Software Price Performance

NYSE U opened at $46.33 on Friday. The company has a quick ratio of 1.95, 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 firm has a market capitalization of $20.39 billion, a P/E ratio of -34.07, a PEG ratio of 3.16 and a beta of 2.04. The company has a 50-day moving average price of $31.58 and a 200-day moving average price of $26.79.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Unity Software from $36.00 to $48.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. BTIG Research raised their price target on shares of Unity Software from $43.00 to $51.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Raymond James Financial assumed coverage on shares of Unity Software in a report on Monday, June 29th. They issued a "market perform" rating for the company. Benchmark raised Unity Software from a "hold" rating to a "buy" rating and set a $50.00 price objective on the stock in a research report on Friday, August 7th. Finally, Needham & Company LLC increased their target price on Unity Software from $40.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $45.16.

Insider Buying and Selling at Unity Software

In related news, CAO Mark Barrysmith sold 13,247 shares of Unity Software stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $27.18, for a total transaction of $360,053.46. Following the transaction, the chief accounting officer directly owned 370,654 shares in the company, valued at approximately $10,074,375.72. The trade was a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Alexander Blum sold 19,009 shares of Unity Software stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $27.18, for a total value of $516,664.62. Following the transaction, the chief operating officer directly owned 730,069 shares in the company, valued at approximately $19,843,275.42. The trade was a 2.54% 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. Over the last ninety days, insiders have sold 198,321 shares of company stock worth $5,390,783. Insiders own 0.77% of the company's stock.

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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