Unity Software Inc. $U Stock: New York Life Investment Management LLC Raises Stake

New York Life Investment Management LLC lifted its stake in shares of Unity Software Inc. (NYSE:U) by 31.1% during the third quarter, HoldingsChannel.com reports. The fund owned 50,140 shares of the company’s stock after buying an additional 11,902 shares during the quarter. New York Life Investment Management LLC’s holdings in Unity Software were worth $2,052,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Atreides Management LP bought a new stake in shares of Unity Software during the second quarter valued at approximately $292,826,000. Resolute Advisors LLC grew its stake in Unity Software by 473.3% in the second quarter. Resolute Advisors LLC now owns 4,766,219 shares of the company’s stock worth $136,219,000 after purchasing an additional 3,934,840 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Unity Software by 52.8% in the first quarter. Dimensional Fund Advisors LP now owns 4,245,014 shares of the company’s stock worth $93,089,000 after purchasing an additional 1,465,962 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Unity Software by 9,886.8% in the third quarter. Assenagon Asset Management S.A. now owns 2,645,007 shares of the company’s stock worth $108,260,000 after purchasing an additional 2,618,522 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Unity Software during the 1st quarter worth $54,534,000. 73.46% of the stock is owned by hedge funds and other institutional investors.

Unity Software Stock Up 5.3%

NYSE U traded up $2.67 during midday trading on Friday, hitting $52.85. 12,230,511 shares of the company traded hands, compared to its average volume of 13,104,950. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.16 and a quick ratio of 2.03. The company has a market cap of $23.46 billion, a PE ratio of -65.25, a price-to-earnings-growth ratio of 2.18 and a beta of 2.08. The company’s 50-day simple moving average is $43.40 and its 200-day simple moving average is $32.07. Unity Software Inc. has a 52 week low of $16.78 and a 52 week high of $54.26.

Unity Software (NYSE:U) last released its quarterly earnings results on Thursday, November 5th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.03 by $0.41. The firm had revenue of $622.09 million during the quarter, compared to analyst estimates of $567.03 million. Unity Software had a positive return on equity of 9.76% and a negative net margin of 15.60%. The business’s revenue for the quarter was up 32.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 EPS. As a group, equities research analysts forecast that Unity Software Inc. will post 0.55 earnings per share for the current year.

Insider Buying and Selling

In other Unity Software news, CEO Matthew Bromberg sold 100,000 shares of Unity Software stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $51.30, for a total value of $5,130,000.00. Following the transaction, the chief executive officer owned 1,441,131 shares in the company, valued at $73,930,020.30. The trade was a 6.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jarrod Yahes sold 26,017 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $45.31, for a total transaction of $1,178,830.27. Following the completion of the transaction, the chief financial officer owned 678,343 shares of the company’s stock, valued at $30,735,721.33. This represents a 3.69% 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. Insiders sold 209,547 shares of company stock worth $10,014,202 in the last three months. 0.77% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Unity Software in a research report on Monday, November 2nd. Wall Street Zen upgraded Unity Software from a “hold” rating to a “buy” rating in a report on Monday, October 12th. Morgan Stanley increased their price target on Unity Software from $50.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 13th. Piper Sandler restated an “overweight” rating and issued a $72.00 price objective on shares of Unity Software in a report on Friday. Finally, BTIG Research reaffirmed a “buy” rating and issued a $60.00 price objective (up from $53.00) on shares of Unity Software in a research note on Thursday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.22.

Unity Software Company Profile

Unity Software develops a platform and tools for creating and operating interactive, real-time 2D and 3D content. Its Unity Editor and engine are used by developers to build games and other digital experiences for mobile devices, computers, consoles, and extended-reality platforms. The company also provides services that support the delivery and growth of interactive applications, including tools for collaboration, analytics, advertising, and in-app monetization. Unity’s products serve customers across industries such as gaming, entertainment, automotive, and architecture.