Mitsubishi UFJ Asset Management Co. Ltd. Sells 87,529 Shares of Unity Software Inc. $U

Key Points

• Mitsubishi UFJ Asset Management cut its Unity Software stake by 44.5% in the fourth quarter, selling 87,529 shares and leaving it with 109,229 shares worth about $4.8 million.
• Unity’s latest quarterly results beat expectations, with EPS of $0.24 versus $0.20 expected and revenue of $503.1 million, up 10.1% year over year.
• Analyst sentiment remains mixed but constructive: the stock has a Moderate Buy consensus and an average price target of $38.77, even as some firms issued hold or sell ratings.

Mitsubishi UFJ Asset Management Co. Ltd. lowered its holdings in Unity Software Inc. (NYSE:U - Free Report) by 44.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 109,229 shares of the company's stock after selling 87,529 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Unity Software were worth $4,833,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Ascent Wealth Partners LLC bought a new position in Unity Software in the fourth quarter valued at $248,000. Truist Financial Corp grew its position in Unity Software by 107.2% in the fourth quarter. Truist Financial Corp now owns 14,112 shares of the company's stock valued at $623,000 after purchasing an additional 7,302 shares in the last quarter. Caisse Des Depots ET Consignations bought a new position in Unity Software in the fourth quarter valued at $273,000. Cornerstone Planning Group LLC grew its position in Unity Software by 3,953.3% in the fourth quarter. Cornerstone Planning Group LLC now owns 1,216 shares of the company's stock valued at $49,000 after purchasing an additional 1,186 shares in the last quarter. Finally, Danske Bank A S grew its position in Unity Software by 45.0% in the fourth quarter. Danske Bank A S now owns 2,900 shares of the company's stock valued at $128,000 after purchasing an additional 900 shares in the last quarter. Institutional investors own 73.46% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Barclays raised their target price on shares of Unity Software from $28.00 to $33.00 and gave the company an "equal weight" rating in a research report on Friday. Wall Street Zen downgraded shares of Unity Software from a "buy" rating to a "hold" rating in a research report on Saturday, March 28th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Unity Software in a research report on Wednesday, January 21st. Needham & Company LLC raised their target price on shares of Unity Software from $35.00 to $40.00 and gave the company a "buy" rating in a research report on Friday. Finally, Oppenheimer raised shares of Unity Software from a "market perform" rating to an "outperform" rating and set a $38.00 price objective for the company in a research report on Tuesday, February 10th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Unity Software has an average rating of "Moderate Buy" and a consensus price target of $38.77.

Unity Software Trading Down 4.8%

Shares of NYSE:U opened at $26.82 on Tuesday. Unity Software Inc. has a 52-week low of $16.78 and a 52-week high of $52.15. The company has a market capitalization of $11.71 billion, a P/E ratio of -17.08, a price-to-earnings-growth ratio of 10.37 and a beta of 2.04. The company has a 50-day simple moving average of $22.39 and a 200 day simple moving average of $32.45. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.84 and a current ratio of 1.84.

Unity Software (NYSE:U - Get Free Report) last issued its earnings results on Wednesday, February 11th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.04. Unity Software had a negative net margin of 34.99% and a negative return on equity of 1.27%. The business had revenue of $503.09 million during the quarter, compared to the consensus estimate of $490.64 million. During the same period last year, the business posted ($0.30) EPS. Unity Software's revenue was up 10.1% on a year-over-year basis. Sell-side analysts forecast that Unity Software Inc. will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Alexander Blum sold 2,541 shares of Unity Software stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $18.76, for a total transaction of $47,669.16. Following the completion of the sale, the chief operating officer owned 548,425 shares of the company's stock, valued at approximately $10,288,453. The trade was a 0.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mark Barrysmith sold 10,578 shares of Unity Software stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $18.07, for a total transaction of $191,144.46. Following the sale, the chief accounting officer directly owned 383,901 shares of the company's stock, valued at $6,937,091.07. The trade was a 2.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 41,684 shares of company stock valued at $773,350. Company insiders own 0.77% of the company's stock.

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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