WT Asset Management Ltd Acquires Shares of 199,368 Unity Software Inc. $U

Key Points

• WT Asset Management initiated a position of 199,368 Unity Software shares valued at approximately $5.7 million, while institutional investors collectively own 73.46% of the company.
• Analyst sentiment is broadly positive: Unity has a consensus rating of “Moderate Buy” and an average price target of $45.16, with recent targets ranging as high as $55.
• Unity exceeded quarterly expectations, reporting adjusted EPS of $0.28 versus a $0.11 loss estimate and revenue of $546.47 million, up 24% year over year; however, the company still posted a negative net margin of 28.97%.

WT Asset Management Ltd bought a new position in Unity Software Inc. (NYSE:U - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 199,368 shares of the company's stock, valued at approximately $5,698,000. Unity Software accounts for about 0.1% of WT Asset Management Ltd's investment portfolio, making the stock its 21st largest holding.

Several other institutional investors and hedge funds have also made changes to their positions in U. Wellington Management Group LLP grew its holdings in shares of Unity Software by 58.7% in the third quarter. Wellington Management Group LLP now owns 18,213,875 shares of the company's stock worth $729,284,000 after purchasing an additional 6,734,285 shares during the last quarter. Norges Bank bought a new stake in Unity Software during the 4th quarter valued at about $230,285,000. Renaissance Technologies LLC purchased a new stake in Unity Software in the 1st quarter valued at about $54,534,000. Duquesne Family Office LLC purchased a new stake in Unity Software in the 2nd quarter valued at about $42,932,000. Finally, Dimensional Fund Advisors LP grew its stake in Unity Software by 52.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,245,014 shares of the company's stock worth $93,089,000 after acquiring an additional 1,465,962 shares in the last quarter. 73.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on U. Oppenheimer raised their target price on shares of Unity Software from $38.00 to $47.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. Wedbush boosted their price target on Unity Software from $32.00 to $36.00 and gave the company an "outperform" rating in a report on Wednesday, July 22nd. Bank of America raised Unity Software from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $30.00 to $50.00 in a research note on Friday, August 7th. Piper Sandler raised their price objective on Unity Software from $45.00 to $55.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Finally, Raymond James Financial began coverage on Unity Software in a research report on Monday, June 29th. They set a "market perform" rating for the company. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $45.16.

Unity Software Price Performance

Shares of U opened at $45.45 on Tuesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.03 and a current ratio of 2.03. The company has a 50 day moving average price of $31.91 and a 200-day moving average price of $26.70. Unity Software Inc. has a fifty-two week low of $16.78 and a fifty-two week high of $52.15. The stock has a market capitalization of $20.00 billion, a PE ratio of -33.42, a PEG ratio of 3.16 and a beta of 2.04.

Unity Software (NYSE:U - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.39. The company had revenue of $546.47 million for the quarter, compared to analyst estimates of $514.72 million. Unity Software had a negative net margin of 28.97% and a positive return on equity of 4.64%. Unity Software's revenue was up 24.0% compared to the same quarter last year. During the same period last year, the company posted $0.18 earnings per share. Equities analysts predict that Unity Software Inc. will post 0.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Unity Software

In other news, CEO Matthew S. Bromberg sold 138,993 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $27.18, for a total value of $3,777,829.74. Following the completion of the transaction, the chief executive officer directly owned 1,557,514 shares of the company's stock, valued at approximately $42,333,230.52. The trade was a 8.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Rebecca Berenice Boyden sold 952 shares of the company's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $27.20, for a total value of $25,894.40. Following the sale, the senior vice president owned 309,445 shares of the company's stock, valued at $8,416,904. This trade represents a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 198,321 shares of company stock worth $5,390,783. 0.77% of the stock is currently owned by company insiders.

Unity Software 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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