Ieq Capital LLC Buys Shares of 517,675 Unity Software Inc. $U

Key Points

• Ieq Capital LLC acquired 517,675 Unity Software shares worth approximately $14.8 million in the second quarter, while institutional investors collectively owned 73.46% of the company.
• Unity reported quarterly revenue of $546.47 million, up 24% year over year, and adjusted earnings of $0.28 per share, exceeding analysts’ estimates. Shares opened at $46.90, near the upper end of their 52-week range.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and a $45.16 price target; several firms recently raised targets to between $48 and $55.

Ieq Capital LLC purchased a new position in shares of 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 firm purchased 517,675 shares of the company's stock, valued at approximately $14,795,000. Ieq Capital LLC owned approximately 0.12% of Unity Software at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in U. Renaissance Technologies LLC bought a new stake in shares of Unity Software in the 1st quarter worth about $54,534,000. Entropy Technologies LP bought a new position in shares of Unity Software during the first quarter worth about $1,985,000. FengHe Fund Management Pte. Ltd. lifted its position in shares of Unity Software by 287.0% during the fourth 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 during the last quarter. Vanguard Group Inc. lifted its position in shares of Unity Software by 2.9% during the fourth 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 during the last quarter. Finally, Nano Cap New Millennium Growth Fund L P acquired a new position in Unity Software in the fourth quarter worth about $3,710,000. Institutional investors own 73.46% of the company's stock.

Insider Transactions at Unity Software

In other Unity Software news, COO Alexander Blum sold 2,099 shares of the firm's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $27.37, for a total value of $57,449.63. Following the sale, the chief operating officer directly owned 727,970 shares in the company, valued at approximately $19,924,538.90. This trade represents a 0.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Mark Barrysmith sold 13,247 shares of the business's stock in a transaction on Tuesday, May 26th. The shares were 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 of the company's stock, valued at approximately $10,074,375.72. This trade represents a 3.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 198,321 shares of company stock valued at $5,390,783 over the last three months. 0.77% of the stock is currently owned by company insiders.

Unity Software Stock Up 0.8%

Shares of Unity Software stock opened at $46.90 on Friday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.55. The business's 50 day simple moving average is $33.48 and its 200-day simple moving average is $27.07. The stock has a market capitalization of $20.64 billion, a price-to-earnings ratio of -34.49, a PEG ratio of 2.06 and a beta of 2.04. Unity Software Inc. has a twelve month low of $16.78 and a twelve month high of $52.15.

Unity Software (NYSE:U - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.28 earnings per share (EPS) 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 the consensus estimate of $514.72 million. During the same quarter last year, the business posted $0.18 EPS. The business's revenue was up 24.0% on a year-over-year basis. Equities research analysts forecast that Unity Software Inc. will post 0.55 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on U shares. Wells Fargo & Company boosted their price objective on Unity Software from $36.00 to $48.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Deutsche Bank Aktiengesellschaft raised Unity Software from a "hold" rating to a "buy" rating and increased their target price for the stock from $31.00 to $50.00 in a report on Friday, August 7th. Zacks Research upgraded Unity Software from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 13th. Barclays boosted their price target on Unity Software from $28.00 to $33.00 and gave the company an "equal weight" rating in a report on Friday, May 8th. Finally, Piper Sandler upped their price target on Unity Software from $45.00 to $55.00 and gave the company an "overweight" rating in a research 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 given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $45.16.

About Unity Software

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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