Legal & General Group Plc Purchases Shares of 280,127 Unity Software Inc. $U

Key Points

• Legal & General Group acquired 280,127 Unity Software shares worth approximately $8 million in the second quarter, joining other institutional investors that collectively own 73.46% of the company.
• Unity reported stronger-than-expected quarterly results, with adjusted EPS of $0.28 and revenue of $546.47 million, up 24% year over year. Analysts expect $0.55 in EPS for the full fiscal year.
• Analysts remain broadly bullish, giving Unity a consensus “Moderate Buy” rating and an average price target of $45.16. Meanwhile, the CEO and CFO sold shares to cover tax obligations tied to vested equity awards.

Legal & General Group Plc acquired a new position in Unity Software Inc. (NYSE:U - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 280,127 shares of the company's stock, valued at approximately $8,006,000. Legal & General Group Plc owned approximately 0.06% 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 the company. REAP Financial Group LLC purchased a new position in shares of Unity Software during the 4th quarter valued at approximately $28,000. Larson Financial Group LLC boosted its holdings in Unity Software by 88.1% during the third quarter. Larson Financial Group LLC now owns 728 shares of the company's stock worth $29,000 after buying an additional 341 shares in the last quarter. IFP Advisors Inc acquired a new stake in Unity Software during the third quarter valued at $33,000. International Assets Investment Management LLC acquired a new stake in Unity Software during the fourth quarter valued at $36,000. Finally, Summit Securities Group LLC purchased a new position in Unity Software in the first quarter valued at $54,000. Institutional investors and hedge funds own 73.46% of the company's stock.

Insider Buying and Selling at Unity Software

In other Unity Software news, CFO Jarrod Yahes sold 26,017 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $45.31, for a total value of $1,178,830.27. Following the completion of the sale, the chief financial officer owned 678,343 shares in the company, valued at approximately $30,735,721.33. This represents a 3.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Matthew S. Bromberg sold 16,383 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $45.31, for a total transaction of $742,313.73. Following the completion of the transaction, the chief executive officer directly owned 1,541,131 shares in the company, valued at $69,828,645.61. This trade represents a 1.05% decrease in their ownership of the stock. 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. In the last three months, insiders sold 109,547 shares of company stock valued at $4,884,202. Corporate insiders own 0.77% of the company's stock.

Unity Software Stock Down 2.9%

NYSE U opened at $40.89 on Wednesday. The business has a fifty day moving average price of $35.74 and a 200 day moving average price of $27.97. 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 company has a market cap of $18.00 billion, a P/E ratio of -30.07, a P/E/G ratio of 1.84 and a beta of 2.05. Unity Software Inc. has a one year low of $16.78 and a one year high of $52.15.

Unity Software (NYSE:U - Get Free Report) last announced its 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 negative net margin of 28.97% and a positive return on equity of 4.64%. The company had revenue of $546.47 million for the quarter, compared to analysts' expectations of $514.72 million. During the same quarter in the previous year, the company posted $0.18 EPS. The firm's quarterly revenue was up 24.0% on a year-over-year basis. Research analysts anticipate that Unity Software Inc. will post 0.55 EPS for the current fiscal year.

Analyst Ratings Changes

U has been the subject of a number of analyst reports. UBS Group reiterated an "outperform" rating on shares of Unity Software in a research report on Friday, August 7th. Needham & Company LLC lifted their price target on Unity Software from $40.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Oppenheimer upped their price target on Unity Software from $38.00 to $47.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Deutsche Bank Aktiengesellschaft upgraded Unity Software from a "hold" rating to a "buy" rating and increased their price target for the stock from $31.00 to $50.00 in a research report on Friday, August 7th. Finally, Bank of America raised Unity Software from a "neutral" rating to a "buy" rating and raised their price objective for the company from $30.00 to $50.00 in a report on Friday, August 7th. Two equities research 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $45.16.

Unity Software 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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