Cambria Investment Management L.P. Lowers Position in Unity Software Inc. $U

Cambria Investment Management L.P. cut its stake in shares of Unity Software Inc. (NYSE:U) by 62.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,067 shares of the company’s stock after selling 50,451 shares during the period. Cambria Investment Management L.P.’s holdings in Unity Software were worth $1,204,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Jefferies Financial Group Inc. purchased a new stake in Unity Software in the 2nd quarter valued at about $205,000. Vanguard Group Inc. lifted its position in shares of Unity Software by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 34,556,611 shares of the company’s stock worth $1,383,647,000 after buying an additional 930,293 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Unity Software by 148.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 22,181 shares of the company’s stock worth $537,000 after buying an additional 13,245 shares during the last quarter. Broad Peak Investment Advisers Pte Ltd grew its holdings in shares of Unity Software by 43.6% in the third quarter. Broad Peak Investment Advisers Pte Ltd now owns 2,849,437 shares of the company’s stock valued at $114,091,000 after acquiring an additional 865,179 shares in the last quarter. Finally, Maytree Asset Management Ltd grew its holdings in shares of Unity Software by 112.0% in the third quarter. Maytree Asset Management Ltd now owns 217,846 shares of the company’s stock valued at $8,723,000 after acquiring an additional 115,111 shares in the last quarter. 73.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on U shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Unity Software in a report on Wednesday, January 21st. Piper Sandler upgraded Unity Software from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $43.00 to $59.00 in a research note on Thursday, December 11th. Citizens Jmp lowered their target price on Unity Software from $50.00 to $37.00 and set a “market outperform” rating on the stock in a research note on Thursday, February 12th. Wall Street Zen raised shares of Unity Software from a “hold” rating to a “buy” rating in a report on Saturday, March 14th. Finally, Morgan Stanley increased their price target on shares of Unity Software from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Unity Software currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.73.

Insiders Place Their Bets

In other news, COO Alexander Blum sold 10,164 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $18.07, for a total value of $183,663.48. Following the completion of the transaction, the chief operating officer directly owned 550,966 shares in the company, valued at approximately $9,955,955.62. This trade represents a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jarrod Yahes sold 12,196 shares of the company’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $18.07, for a total transaction of $220,381.72. Following the sale, the chief financial officer directly owned 533,933 shares in the company, valued at $9,648,169.31. This trade represents a 2.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 41,684 shares of company stock worth $773,350 in the last quarter. 3.61% of the stock is owned by company insiders.

Unity Software Price Performance

U opened at $19.12 on Friday. The company has a market capitalization of $8.28 billion, a price-to-earnings ratio of -19.92, a PEG ratio of 10.57 and a beta of 2.14. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.52. The firm has a 50-day moving average price of $27.44 and a 200-day moving average price of $36.77. Unity Software Inc. has a twelve month low of $15.33 and a twelve month high of $52.15.

Unity Software (NYSE:U) last released its quarterly earnings data on Wednesday, February 11th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.20 by $0.04. Unity Software had a negative net margin of 21.77% and a negative return on equity of 4.76%. The company had revenue of $503.09 million during the quarter, compared to the consensus estimate of $490.64 million. During the same period last year, the firm earned ($0.30) EPS. Unity Software’s revenue for the quarter was up 10.1% on a year-over-year basis. Equities analysts expect that Unity Software Inc. will post -1.25 EPS for the current year.

About Unity Software

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.