National Bank of Canada FI Sells 1,422,363 Shares of Unity Software Inc. $U

Key Points

• National Bank of Canada FI dramatically reduced its stake in Unity Software, selling 1,422,363 shares, which represents a decrease of 99.7%, leaving them with only 3,724 shares valued at $73,000.
• Despite National Bank's sell-off, other institutional investors like Vanguard Group Inc. and Charles Schwab Investment Management Inc. have increased their holdings in Unity Software during the same period.
• Unity Software reported a net loss of ($0.26) per share, which missed analysts' expectations, while revenue for the quarter was down 1.9% compared to the previous year, totaling $440.94 million.

National Bank of Canada FI decreased its holdings in Unity Software Inc. (NYSE:U - Free Report) by 99.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,724 shares of the company's stock after selling 1,422,363 shares during the quarter. National Bank of Canada FI's holdings in Unity Software were worth $73,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. CenterBook Partners LP purchased a new stake in Unity Software in the 1st quarter valued at about $3,861,000. Charles Schwab Investment Management Inc. increased its position in shares of Unity Software by 10.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,166,916 shares of the company's stock valued at $42,450,000 after purchasing an additional 208,516 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Unity Software by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 32,964,521 shares of the company's stock valued at $645,775,000 after purchasing an additional 1,841,486 shares during the last quarter. Encompass More Asset Management increased its position in shares of Unity Software by 14.2% during the 1st quarter. Encompass More Asset Management now owns 76,242 shares of the company's stock valued at $1,494,000 after purchasing an additional 9,463 shares during the last quarter. Finally, Blair William & Co. IL increased its position in shares of Unity Software by 8.6% during the 1st quarter. Blair William & Co. IL now owns 154,958 shares of the company's stock valued at $3,036,000 after purchasing an additional 12,242 shares during the last quarter. Institutional investors own 73.46% of the company's stock.

Unity Software Price Performance

Shares of NYSE U opened at $38.35 on Tuesday. The firm has a 50-day simple moving average of $29.90 and a 200-day simple moving average of $24.64. The stock has a market capitalization of $16.20 billion, a price-to-earnings ratio of -36.18 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 52 week low of $15.33 and a 52 week high of $39.72.

Unity Software (NYSE:U - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $440.94 million during the quarter, compared to analysts' expectations of $425.18 million. During the same period in the prior year, the company posted ($0.32) EPS. The company's revenue for the quarter was down 1.9% compared to the same quarter last year. On average, equities analysts predict that Unity Software Inc. will post -1.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Tomer Bar-Zeev sold 250,000 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $26.39, for a total transaction of $6,597,500.00. Following the completion of the sale, the director owned 2,398,146 shares in the company, valued at approximately $63,287,072.94. The trade was a 9.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew S. Bromberg sold 133,072 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $21.24, for a total transaction of $2,826,449.28. Following the sale, the chief executive officer owned 1,222,812 shares of the company's stock, valued at $25,972,526.88. This represents a 9.81% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,214,694 shares of company stock valued at $31,384,519. 3.61% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on U. BTIG Research lowered shares of Unity Software from a "neutral" rating to a "sell" rating and set a $25.00 price objective for the company. in a research note on Wednesday, July 23rd. JMP Securities lifted their price objective on shares of Unity Software from $30.00 to $35.00 and gave the company a "market outperform" rating in a research note on Thursday, August 7th. UBS Group lifted their price objective on shares of Unity Software from $22.00 to $33.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Barclays lifted their price objective on shares of Unity Software from $25.00 to $30.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Finally, Wells Fargo & Company lifted their price objective on shares of Unity Software from $24.00 to $29.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $31.20.

About Unity Software

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.

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