Comerica Bank Increases Stake in Unity Software Inc. $U

Key Points

• Comerica Bank increased its holdings in Unity Software Inc. by 59.8%, owning 114,429 shares worth approximately $2.24 million.
• Insider trading activity includes Director Shlomo Dovrat selling 50,000 shares for $1.5 million and CEO Matthew S. Bromberg selling 120,000 shares for $4.8 million, representing decreases in their respective holdings.
• Analysts have mixed ratings for Unity Software, with a consensus rating of "Moderate Buy" and price targets ranging from $15 to $41 per share.

Comerica Bank grew its holdings in Unity Software Inc. (NYSE:U - Free Report) by 59.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 114,429 shares of the company's stock after buying an additional 42,831 shares during the period. Comerica Bank's holdings in Unity Software were worth $2,242,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of U. Cornerstone Planning Group LLC raised its position in shares of Unity Software by 30,300.0% in the first quarter. Cornerstone Planning Group LLC now owns 1,216 shares of the company's stock valued at $25,000 after buying an additional 1,212 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Unity Software in the 4th quarter valued at $36,000. GAMMA Investing LLC grew its holdings in Unity Software by 72.5% in the 1st quarter. GAMMA Investing LLC now owns 2,822 shares of the company's stock valued at $55,000 after buying an additional 1,186 shares in the last quarter. Signaturefd LLC grew its holdings in Unity Software by 26.3% in the 1st quarter. Signaturefd LLC now owns 3,658 shares of the company's stock valued at $72,000 after buying an additional 762 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Unity Software by 171.2% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 4,301 shares of the company's stock valued at $84,000 after buying an additional 2,715 shares in the last quarter. 73.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Unity Software

In related news, CFO Jarrod Yahes sold 29,876 shares of the firm's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $39.32, for a total transaction of $1,174,724.32. Following the completion of the transaction, the chief financial officer directly owned 638,504 shares in the company, valued at $25,105,977.28. This trade represents a 4.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Alexander Blum sold 63,813 shares of the firm's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $39.41, for a total value of $2,514,870.33. Following the transaction, the chief operating officer owned 603,811 shares of the company's stock, valued at $23,796,191.51. This trade represents a 9.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 641,036 shares of company stock worth $22,710,923 over the last ninety days. Company insiders own 3.61% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wells Fargo & Company upped their target price on Unity Software from $24.00 to $29.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. Wall Street Zen upgraded Unity Software from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Bank of America assumed coverage on Unity Software in a report on Thursday, June 26th. They issued an "underperform" rating and a $15.00 target price for the company. BTIG Research cut Unity Software from a "neutral" rating to a "sell" rating and set a $25.00 price target for the company. in a report on Wednesday, July 23rd. Finally, JMP Securities increased their price target on Unity Software from $30.00 to $35.00 and gave the stock a "market outperform" rating in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Unity Software presently has an average rating of "Moderate Buy" and an average price target of $31.20.

Unity Software Trading Up 9.1%

U stock traded up $3.65 during mid-day trading on Friday, hitting $43.83. 20,028,371 shares of the company were exchanged, compared to its average volume of 10,964,210. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $18.52 billion, a P/E ratio of -41.35 and a beta of 2.33. The business has a fifty day simple moving average of $34.19 and a 200-day simple moving average of $26.36. Unity Software Inc. has a 12-month low of $15.33 and a 12-month high of $44.22.

Unity Software (NYSE:U - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.01). Unity Software had a negative return on equity of 13.59% and a negative net margin of 24.38%.The company had revenue of $440.94 million for the quarter, compared to analysts' expectations of $425.18 million. During the same period last year, the business earned ($0.32) EPS. The company's quarterly revenue was down 1.9% compared to the same quarter last year. On average, equities research analysts predict that Unity Software Inc. will post -1.25 earnings per share for the current fiscal year.

About Unity Software

Unity Software Inc operates a real-time 3D development platform. Its platform provides software solutions to create, run, and monetize interactive, real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. The company offers its solutions directly through its online store and field sales operations in North America, Denmark, Finland, the United Kingdom, Germany, Japan, China, Singapore, and South Korea, as well as indirectly through independent distributors and resellers worldwide.