Citizens Financial Group Inc. RI Invests $2.17 Million in Unity Software Inc. $U

Key Points

• Citizens Financial Group acquired 75,764 Unity Software shares in the second quarter, worth approximately $2.17 million. Institutional investors collectively own 73.46% of the company.
• Analysts remain broadly positive, with Unity receiving a consensus “Moderate Buy” rating and an average price target of $45.16; several firms recently raised their targets to between $47 and $50.
• Unity reported quarterly revenue of $546.47 million, up 24% year over year and above estimates, while adjusted earnings of $0.28 per share exceeded expectations of a $0.11 loss.

Citizens Financial Group Inc. RI acquired a new stake 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 fund acquired 75,764 shares of the company's stock, valued at approximately $2,165,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Wellington Management Group LLP grew its stake in Unity Software by 58.7% in the 3rd quarter. Wellington Management Group LLP now owns 18,213,875 shares of the company's stock worth $729,284,000 after acquiring an additional 6,734,285 shares during the period. Norges Bank acquired a new position in Unity Software in the 4th quarter valued at $230,285,000. Renaissance Technologies LLC acquired a new position in Unity Software in the 1st quarter valued at $54,534,000. Duquesne Family Office LLC purchased a new position in shares of Unity Software during the 2nd quarter worth $42,932,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Unity Software by 52.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,245,014 shares of the company's stock worth $93,089,000 after purchasing an additional 1,465,962 shares during the period. Hedge funds and other institutional investors own 73.46% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on U shares. Citigroup lifted their price objective on Unity Software from $40.00 to $48.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Oppenheimer increased their target price on Unity Software from $38.00 to $47.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. Raymond James Financial initiated coverage on Unity Software in a research note on Monday, June 29th. They issued a "market perform" rating on the stock. Bank of America upgraded Unity Software from a "neutral" rating to a "buy" rating and lifted their price target for the company from $30.00 to $50.00 in a report on Friday, August 7th. Finally, Zacks Research raised shares of Unity Software from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Unity Software presently has an average rating of "Moderate Buy" and a consensus price target of $45.16.

Unity Software Stock Down 1.7%

Shares of NYSE U opened at $45.45 on Tuesday. Unity Software Inc. has a 52-week low of $16.78 and a 52-week high of $52.15. The firm has a fifty day moving average of $31.91 and a 200-day moving average of $26.70. The stock has a market capitalization of $20.00 billion, a PE ratio of -33.42, a P/E/G ratio of 3.16 and a beta of 2.04. 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 (NYSE:U - Get Free Report) last issued its earnings results 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. Unity Software had a positive return on equity of 4.64% and a negative net margin of 28.97%.The business had revenue of $546.47 million for the quarter, compared to analyst estimates of $514.72 million. During the same period last year, the company posted $0.18 EPS. The business's quarterly revenue was up 24.0% on a year-over-year basis. On average, analysts anticipate that Unity Software Inc. will post 0.35 EPS for the current year.

Insider Activity at Unity Software

In other news, CEO Matthew S. Bromberg sold 138,993 shares of Unity Software stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $27.18, for a total value of $3,777,829.74. Following the transaction, the chief executive officer directly owned 1,557,514 shares of the company's stock, valued at $42,333,230.52. The trade was a 8.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Rebecca Berenice Boyden sold 952 shares of the business's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $27.20, for a total value of $25,894.40. Following the sale, the senior vice president owned 309,445 shares of the company's stock, valued at $8,416,904. The trade was a 0.31% 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 a total of 198,321 shares of company stock valued at $5,390,783 over the last three months. Insiders own 0.77% of the company's stock.

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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