Encompass More Asset Management Increases Stock Holdings in Unity Software Inc. (NYSE:U)

Key Points

• Encompass More Asset Management increased its position in Unity Software by 14.2% in the first quarter, now owning 76,242 shares valued at approximately $1.49 million.
• Multiple institutional investors, including Slate Path Capital and Ameriprise Financial, have acquired substantial stakes, with hedge funds and institutional investors owning 73.46% of the stock.
• Unity Software has received mixed analyst ratings with a consensus rating of "Hold" and an average price target of $27.22, despite recent earnings surpassing estimates.

Encompass More Asset Management increased its position in shares of Unity Software Inc. (NYSE:U - Free Report) by 14.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 76,242 shares of the company's stock after buying an additional 9,463 shares during the quarter. Encompass More Asset Management's holdings in Unity Software were worth $1,494,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of U. Cornerstone Planning Group LLC boosted its stake in shares of Unity Software by 30,300.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 1,216 shares of the company's stock worth $25,000 after acquiring an additional 1,212 shares during the period. Anderson Financial Strategies LLC acquired a new stake in Unity Software during the 4th quarter worth approximately $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Unity Software during the 4th quarter worth approximately $36,000. Itau Unibanco Holding S.A. lifted its holdings in Unity Software by 150.4% during the 4th quarter. Itau Unibanco Holding S.A. now owns 1,778 shares of the company's stock worth $40,000 after purchasing an additional 1,068 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Unity Software by 72.5% during the 1st quarter. GAMMA Investing LLC now owns 2,822 shares of the company's stock worth $55,000 after purchasing an additional 1,186 shares during the last quarter. 73.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Barclays boosted their price objective on Unity Software from $25.00 to $30.00 and gave the company an "equal weight" rating in a research note on Thursday. BTIG Research downgraded Unity Software from a "neutral" rating to a "sell" rating and set a $25.00 price objective on the stock. in a research note on Wednesday, July 23rd. Stifel Nicolaus dropped their price target on Unity Software from $35.00 to $28.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Needham & Company LLC upped their price target on Unity Software from $30.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, JMP Securities upped their price target on Unity Software from $30.00 to $35.00 and gave the stock a "market outperform" rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $29.85.

Insider Buying and Selling

In related news, Director David Helgason sold 261,473 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $25.70, for a total value of $6,719,856.10. Following the transaction, the director owned 7,489,173 shares of the company's stock, valued at approximately $192,471,746.10. This trade represents a 3.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Tomer Bar-Zeev sold 50,000 shares of the firm's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $33.18, for a total value of $1,659,000.00. Following the completion of the transaction, the director directly owned 2,148,146 shares in the company, valued at $71,275,484.28. This trade represents a 2.27% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,210,142 shares of company stock valued at $31,199,782. Insiders own 3.61% of the company's stock.

Unity Software Price Performance

Shares of NYSE U traded up $1.60 during midday trading on Thursday, hitting $33.52. 18,723,493 shares of the company's stock were exchanged, compared to its average volume of 16,118,586. Unity Software Inc. has a 12-month low of $13.94 and a 12-month high of $38.96. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.70. The company has a market cap of $13.93 billion, a price-to-earnings ratio of -31.62 and a beta of 2.32. The business's fifty day moving average price is $28.35 and its two-hundred day moving average price is $23.93.

Unity Software (NYSE:U - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.26) earnings per share (EPS) 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 firm had revenue of $440.94 million during the quarter, compared to analysts' expectations of $425.18 million. During the same period in the prior year, the company earned ($0.32) EPS. The firm's quarterly revenue was down 1.9% compared to the same quarter last year. As a group, research analysts forecast that Unity Software Inc. will post -1.25 EPS 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.