Lord Abbett & CO. LLC Acquires Shares of 610,280 Unity Software Inc. $U

Key Points

• Lord Abbett & CO. LLC has made a new investment in Unity Software Inc., purchasing 610,280 shares valued at about $11.96 million, representing a 0.15% stake in the company.
• Several institutional investors have increased their holdings in Unity Software, with Vanguard Group raising its position by 5.9% to own over $645 million worth of shares.
• A recent earnings report revealed that Unity Software missed earnings per share expectations, reporting a net loss, while revenue decreased 1.9% year-over-year despite above-expected revenues.

Lord Abbett & CO. LLC purchased a new position in Unity Software Inc. (NYSE:U - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 610,280 shares of the company's stock, valued at approximately $11,956,000. Lord Abbett & CO. LLC owned approximately 0.15% of Unity Software at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC grew its position in Unity Software by 116.2% in the first quarter. Janney Montgomery Scott LLC now owns 29,085 shares of the company's stock worth $570,000 after acquiring an additional 15,633 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in Unity Software in the first quarter worth about $433,000. GAMMA Investing LLC grew its position in Unity Software by 72.5% in the first quarter. GAMMA Investing LLC now owns 2,822 shares of the company's stock worth $55,000 after acquiring an additional 1,186 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Unity Software in the first quarter worth about $2,215,000. Finally, Amalgamated Bank grew its position in Unity Software by 3.0% in the first quarter. Amalgamated Bank now owns 18,132 shares of the company's stock worth $355,000 after acquiring an additional 525 shares in the last quarter. Hedge funds and other institutional investors own 73.46% of the company's stock.

Insider Activity at Unity Software

In other Unity Software news, CAO Mark Barrysmith sold 1,011 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $32.30, for a total transaction of $32,655.30. Following the sale, the chief accounting officer directly owned 464,372 shares in the company, valued at $14,999,215.60. This represents a 0.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Anirma Gupta sold 3,384 shares of Unity Software stock in a transaction on Friday, August 15th. The stock was sold at an average price of $38.37, for a total transaction of $129,844.08. Following the sale, the senior vice president directly owned 641,568 shares of the company's stock, valued at approximately $24,616,964.16. This trade represents a 0.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,214,694 shares of company stock worth $31,384,519 over the last 90 days. 3.61% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on U shares. Morgan Stanley lifted their price target on Unity Software from $25.00 to $40.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Wedbush raised their price objective on shares of Unity Software from $39.00 to $41.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Jefferies Financial Group raised their price objective on shares of Unity Software from $29.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Bank of America started coverage on shares of Unity Software in a research note on Thursday, June 26th. They issued an "underperform" rating and a $15.00 price objective for the company. Finally, Barclays raised their price objective on shares of Unity Software from $25.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $31.20.

Unity Software Stock Performance

Shares of U traded down $1.3590 during trading hours on Wednesday, reaching $35.8710. 7,472,744 shares of the company traded hands, compared to its average volume of 12,427,493. The stock has a market capitalization of $15.16 billion, a P/E ratio of -33.90 and a beta of 2.32. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.70. Unity Software Inc. has a 12-month low of $15.33 and a 12-month high of $39.72. The business has a fifty day moving average price of $30.15 and a 200-day moving average price of $24.72.

Unity Software (NYSE:U - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.01). Unity Software had a negative net margin of 24.38% and a negative return on equity of 13.59%. The business had revenue of $440.94 million for the quarter, compared to analyst estimates of $425.18 million. During the same quarter in the prior year, the firm earned ($0.32) earnings per share. The company's revenue for the quarter was down 1.9% on a year-over-year basis. Equities analysts anticipate that Unity Software Inc. will post -1.25 EPS for the current fiscal year.

Unity Software Profile

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.