The Manufacturers Life Insurance Company Invests $3.53 Million in Unity Software Inc. $U

Key Points

• The Manufacturers Life Insurance Company acquired 123,407 Unity Software shares worth approximately $3.53 million in the second quarter. Institutional investors and hedge funds collectively own 73.46% of the company.
• Unity reported stronger-than-expected quarterly results, with EPS of $0.28 versus a $0.11 loss expected and revenue of $546.47 million, up 24% year over year.
• Analyst sentiment is generally positive: Unity has a consensus rating of “Moderate Buy” and an average price target of $45.16, while the stock recently traded at $40.89.

The Manufacturers Life Insurance Company purchased a new stake in Unity Software Inc. (NYSE:U - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 123,407 shares of the company's stock, valued at approximately $3,527,000.

A number of other hedge funds have also modified their holdings of U. REAP Financial Group LLC bought a new position in Unity Software during the 4th quarter worth approximately $28,000. Larson Financial Group LLC increased its stake in Unity Software by 88.1% in the third quarter. Larson Financial Group LLC now owns 728 shares of the company's stock valued at $29,000 after purchasing an additional 341 shares in the last quarter. IFP Advisors Inc acquired a new stake in Unity Software in the third quarter worth $33,000. International Assets Investment Management LLC acquired a new stake in Unity Software in the fourth quarter worth $36,000. Finally, Summit Securities Group LLC bought a new position in shares of Unity Software during the first quarter worth $54,000. 73.46% of the stock is currently owned by institutional investors and hedge funds.

Unity Software Stock Performance

Shares of U stock opened at $40.89 on Wednesday. Unity Software Inc. has a 12 month low of $16.78 and a 12 month high of $52.15. The company's fifty day simple moving average is $35.74 and its 200-day simple moving average is $27.97. The firm has a market cap of $18.00 billion, a PE ratio of -30.07, a P/E/G ratio of 1.84 and a beta of 2.05. 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 issued its quarterly earnings results on Thursday, August 6th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of ($0.11) by $0.39. The firm had revenue of $546.47 million for the quarter, compared to analysts' expectations of $514.72 million. Unity Software had a negative net margin of 28.97% and a positive return on equity of 4.64%. The company's revenue for the quarter was up 24.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.18 EPS. Equities research analysts expect that Unity Software Inc. will post 0.55 EPS for the current fiscal year.

Insider Buying and Selling

In other Unity Software news, CFO Jarrod Yahes sold 26,017 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $45.31, for a total value of $1,178,830.27. Following the completion of the transaction, the chief financial officer directly owned 678,343 shares in the company, valued at $30,735,721.33. This trade represents a 3.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Matthew S. Bromberg sold 16,383 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $45.31, for a total value of $742,313.73. Following the transaction, the chief executive officer directly owned 1,541,131 shares in the company, valued at $69,828,645.61. This trade represents a 1.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 109,547 shares of company stock valued at $4,884,202 in the last ninety days. 0.77% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on U shares. Citigroup boosted their price target on shares of Unity Software from $40.00 to $48.00 and gave the company a "buy" rating in a report on Monday, August 10th. Citizens Jmp lifted their target price on Unity Software from $37.00 to $45.00 and gave the stock a "market outperform" rating in a report on Friday, August 7th. HSBC raised Unity Software from a "hold" rating to a "buy" rating and set a $47.10 target price for the company in a research note on Friday, August 7th. Raymond James Financial assumed coverage on Unity Software in a report on Monday, June 29th. They issued a "market perform" rating for the company. Finally, Wall Street Zen raised Unity Software from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $45.16.

Unity Software Company Profile

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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