Van ECK Associates Corp Sells 298,036 Shares of Unity Software Inc. $U

Van ECK Associates Corp cut its stake in Unity Software Inc. (NYSE:U) by 17.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,421,247 shares of the company’s stock after selling 298,036 shares during the period. Van ECK Associates Corp’s holdings in Unity Software were worth $40,619,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted 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 valued at $729,284,000 after purchasing an additional 6,734,285 shares in the last quarter. Atreides Management LP bought a new position in shares of Unity Software during the second quarter worth about $292,826,000. Geode Capital Management LLC grew its holdings in shares of Unity Software by 5.9% during the fourth quarter. Geode Capital Management LLC now owns 5,852,047 shares of the company’s stock worth $258,547,000 after buying an additional 328,595 shares in the last quarter. Norges Bank acquired a new stake in Unity Software in the 4th quarter valued at approximately $230,285,000. Finally, Ameriprise Financial Inc. raised its position in Unity Software by 37.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,628,328 shares of the company’s stock valued at $112,006,000 after buying an additional 1,270,798 shares during the last quarter. Institutional investors own 73.46% of the company’s stock.

Unity Software Stock Down 0.2%

U opened at $43.40 on Friday. Unity Software Inc. has a 1-year low of $16.78 and a 1-year high of $52.15. The stock’s fifty day simple moving average is $35.17 and its 200 day simple moving average is $27.74. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.55. The stock has a market cap of $19.10 billion, a PE ratio of -31.91, a price-to-earnings-growth ratio of 1.90 and a beta of 2.04.

Unity Software (NYSE:U) last announced its quarterly earnings results 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. Unity Software had a positive return on equity of 4.64% and a negative net margin of 28.97%.The business had revenue of $546.47 million during the quarter, compared to the consensus estimate of $514.72 million. During the same quarter last year, the firm posted $0.18 EPS. The company’s quarterly revenue was up 24.0% on a year-over-year basis. As a group, research analysts expect that Unity Software Inc. will post 0.55 earnings per share for the current year.

Insider Activity at Unity Software

In other Unity Software news, CFO Jarrod Yahes sold 26,017 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $45.31, for a total value of $1,178,830.27. Following the transaction, the chief financial officer directly owned 678,343 shares of the company’s stock, valued at $30,735,721.33. This represents a 3.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 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 transaction of $742,313.73. Following the sale, the chief executive officer owned 1,541,131 shares of the company’s stock, valued at $69,828,645.61. This trade represents a 1.05% decrease in their ownership of the stock. 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 a total of 65,991 shares of company stock worth $2,989,081 in the last quarter. Corporate insiders own 0.77% of the company’s stock.

Analyst Ratings Changes

U has been the topic of several research reports. Weiss Ratings upgraded Unity Software from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 4th. Bank of America upgraded shares of Unity Software from a “neutral” rating to a “buy” rating and increased their target price for the stock from $30.00 to $50.00 in a report on Friday, August 7th. UBS Group reaffirmed an “outperform” rating on shares of Unity Software in a research report on Friday, August 7th. Oppenheimer lifted their price target on shares of Unity Software from $38.00 to $47.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Finally, Barclays increased their price objective on shares of Unity Software from $28.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Two research 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, Unity Software currently has an average rating of “Moderate Buy” and an average target price of $45.16.

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.