Pasadena Private Wealth LLC Raises Holdings in Unity Software Inc. (NYSE:U)

Key Points

• Pasadena Private Wealth LLC raised its stake in Unity Software Inc. by 115.5%, now owning 127,228 shares valued at approximately $2.47 million.
• Unity reported a quarterly revenue of $435 million, exceeding analyst expectations, despite a 5.5% decline compared to the prior year.
• Analyst ratings for Unity Software vary, with a consensus of "Hold" and a target price of $27.22, reflecting diverse investment sentiments.

Pasadena Private Wealth LLC lifted its stake in Unity Software Inc. (NYSE:U - Free Report) by 115.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,228 shares of the company's stock after purchasing an additional 68,202 shares during the period. Pasadena Private Wealth LLC's holdings in Unity Software were worth $2,474,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Slate Path Capital LP purchased a new stake in Unity Software in the 4th quarter worth $62,387,000. Broad Peak Investment Advisers Pte Ltd purchased a new stake in shares of Unity Software during the first quarter worth about $47,648,000. Capital International Investors raised its stake in Unity Software by 10.4% during the 4th quarter. Capital International Investors now owns 18,886,853 shares of the company's stock valued at $424,388,000 after purchasing an additional 1,786,032 shares during the period. Ameriprise Financial Inc. raised its stake in Unity Software by 3,843.9% during the 4th quarter. Ameriprise Financial Inc. now owns 1,769,948 shares of the company's stock valued at $39,771,000 after purchasing an additional 1,725,070 shares during the period. Finally, Teacher Retirement System of Texas purchased a new position in Unity Software in the 1st quarter worth approximately $27,902,000. 73.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on U shares. UBS Group raised their target price on shares of Unity Software from $22.00 to $33.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Stifel Nicolaus reduced their target price on shares of Unity Software from $35.00 to $28.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Bank of America started coverage on shares of Unity Software in a research report on Thursday, June 26th. They set an "underperform" rating and a $15.00 target price on the stock. Morgan Stanley lowered their price target on shares of Unity Software from $32.00 to $25.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, Citigroup boosted their price objective on Unity Software from $29.00 to $44.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Unity Software has a consensus rating of "Hold" and an average price target of $27.22.

Unity Software Stock Down 4.6%

Shares of Unity Software stock traded down $1.52 during trading hours on Friday, reaching $31.84. 10,214,910 shares of the company were exchanged, compared to its average volume of 15,394,006. The stock's fifty day moving average is $27.50 and its 200 day moving average is $23.61. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.74 and a current ratio of 2.74. Unity Software Inc. has a 1 year low of $13.90 and a 1 year high of $38.96. The firm has a market cap of $13.24 billion, a PE ratio of -28.43 and a beta of 2.32.

Unity Software (NYSE:U - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.19. The business had revenue of $435.00 million for the quarter, compared to analyst estimates of $415.77 million. Unity Software had a negative return on equity of 14.12% and a negative net margin of 25.21%. The business's quarterly revenue was down 5.5% on a year-over-year basis. During the same quarter last year, the company earned $0.28 EPS. As a group, equities research analysts forecast that Unity Software Inc. will post -1.25 earnings per share for the current year.

Insider Transactions at Unity Software

In related news, Director David Helgason sold 261,473 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $25.70, for a total value of $6,719,856.10. Following the completion of the sale, the director owned 7,489,173 shares in the company, valued at $192,471,746.10. This trade represents a 3.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James M. Whitehurst sold 72,955 shares of Unity Software stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $21.24, for a total value of $1,549,564.20. Following the completion of the sale, the director directly owned 240,311 shares in the company, valued at $5,104,205.64. This represents a 23.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,110,142 shares of company stock worth $27,963,282 over the last three months. 3.61% of the stock is currently owned by company insiders.

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.