Mitsubishi UFJ Asset Management Co. Ltd. Buys Shares of 237,508 Unity Software Inc. $U

Key Points

• Mitsubishi UFJ Asset Management initiated a Unity Software position of 237,508 shares worth approximately $6.8 million, while institutional investors collectively own 73.46% of the stock.
• Analyst sentiment is broadly positive: Unity received multiple upgrades and price-target increases, with a consensus “Moderate Buy” rating and average target of $45.16.
• Unity’s latest quarterly results exceeded expectations, reporting adjusted EPS of $0.28 versus estimates of a $0.11 loss and revenue of $546.47 million, up 24% year over year.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Unity Software Inc. (NYSE:U - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 237,508 shares of the company's stock, valued at approximately $6,788,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.05% of Unity Software at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new stake in shares of Unity Software during the first quarter worth about $54,534,000. Entropy Technologies LP purchased a new position in shares of Unity Software in the 1st quarter valued at approximately $1,985,000. FengHe Fund Management Pte. Ltd. raised its position in shares of Unity Software by 287.0% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,732,002 shares of the company's stock valued at $76,503,000 after purchasing an additional 1,284,400 shares during the last quarter. Vanguard Group Inc. boosted its stake in Unity Software by 2.9% in the 4th 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 in the last quarter. Finally, Nano Cap New Millennium Growth Fund L P acquired a new stake in Unity Software in the 4th quarter worth approximately $3,710,000. 73.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Unity Software

In other news, SVP Rebecca Berenice Boyden sold 952 shares of the firm's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $27.20, for a total transaction of $25,894.40. Following the sale, the senior vice president directly owned 309,445 shares in the company, valued at $8,416,904. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 Unity Software stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $27.18, for a total value of $360,053.46. Following the completion of the transaction, the chief accounting officer owned 370,654 shares of the company's stock, valued at approximately $10,074,375.72. This represents a 3.45% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 198,321 shares of company stock valued at $5,390,783 in the last quarter. 0.77% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on U. Deutsche Bank Aktiengesellschaft upgraded shares of Unity Software from a "hold" rating to a "buy" rating and upped their price target for the company from $31.00 to $50.00 in a research note on Friday, August 7th. UBS Group reiterated an "outperform" rating on shares of Unity Software in a research note on Friday, August 7th. Bank of America raised shares of Unity Software from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $30.00 to $50.00 in a report on Friday, August 7th. Piper Sandler upped their target price on Unity Software from $45.00 to $55.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Finally, Citizens Jmp raised their target price on Unity Software from $37.00 to $45.00 and gave the stock a "market outperform" rating in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Unity Software has an average rating of "Moderate Buy" and an average target price of $45.16.

Unity Software Stock Up 0.8%

Shares of U opened at $46.90 on Friday. The company has a market capitalization of $20.64 billion, a price-to-earnings ratio of -34.49, a PEG ratio of 2.04 and a beta of 2.04. Unity Software Inc. has a 52 week low of $16.78 and a 52 week high of $52.15. The stock's 50-day moving average price is $33.48 and its 200-day moving average price is $27.07. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.55.

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, beating analysts' consensus estimates of ($0.11) by $0.39. The company had revenue of $546.47 million during the quarter, compared to the consensus estimate of $514.72 million. Unity Software had a positive return on equity of 4.64% and a negative net margin of 28.97%.Unity Software's revenue for the quarter was up 24.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 earnings per share. On average, sell-side analysts predict that Unity Software Inc. will post 0.55 EPS for the current year.

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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