Bank of Nova Scotia Makes New Investment in Unity Software Inc. $U

Bank of Nova Scotia bought a new position in Unity Software Inc. (NYSE:U - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 213,482 shares of the company's stock, valued at approximately $6,101,000.

A number of other hedge funds also recently made changes to their positions in U. Renaissance Technologies LLC acquired a new stake in shares of Unity Software during the 1st quarter valued at $54,534,000. Entropy Technologies LP bought a new stake in Unity Software during the 1st quarter worth $1,985,000. FengHe Fund Management Pte. Ltd. increased its holdings in Unity Software by 287.0% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,732,002 shares of the company's stock worth $76,503,000 after purchasing an additional 1,284,400 shares in the last quarter. Vanguard Group Inc. increased its holdings in Unity Software by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 35,553,296 shares of the company's stock worth $1,570,389,000 after purchasing an additional 996,685 shares in the last quarter. Finally, Nano Cap New Millennium Growth Fund L P bought a new position in Unity Software in the fourth quarter valued at about $3,710,000. 73.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Unity Software

In related news, COO Alexander Blum sold 2,099 shares of the business's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $27.37, for a total value of $57,449.63. Following the completion of the sale, the chief operating officer directly owned 727,970 shares of the company's stock, valued at $19,924,538.90. The trade was a 0.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.77% of the stock is currently owned by corporate insiders.

Unity Software Price Performance

Unity Software stock opened at $45.12 on Wednesday. The stock has a market capitalization of $19.86 billion, a price-to-earnings ratio of -33.18, a PEG ratio of 2.02 and a beta of 2.04. Unity Software Inc. has a 52-week low of $16.78 and a 52-week high of $52.15. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.03 and a current ratio of 2.03. The stock's 50 day moving average price is $34.18 and its two-hundred day moving average price is $27.35.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Citizens Jmp lifted their price target on Unity Software from $37.00 to $45.00 and gave the company a "market outperform" rating in a research note on Friday, August 7th. Benchmark raised Unity Software from a "hold" rating to a "buy" rating and set a $50.00 price objective for the company in a research note on Friday, August 7th. Wells Fargo & Company raised their price objective on shares of Unity Software from $36.00 to $48.00 and gave the company an "overweight" rating in a report on Friday, August 7th. HSBC upgraded shares of Unity Software from a "hold" rating to a "buy" rating and set a $47.10 target price on the stock in a research report on Friday, August 7th. Finally, Piper Sandler boosted their target price on shares of Unity Software from $45.00 to $55.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $45.16.

Unity Software Company 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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