Fred Alger Management LLC Boosts Holdings in Unity Software Inc. $U

Fred Alger Management LLC lifted its stake in Unity Software Inc. (NYSE:U) by 17,917.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,330,976 shares of the company’s stock after buying an additional 1,323,589 shares during the period. Fred Alger Management LLC owned approximately 0.31% of Unity Software worth $58,789,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of U. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Unity Software by 5.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 813,176 shares of the company’s stock worth $15,930,000 after purchasing an additional 45,481 shares during the last quarter. Focus Partners Wealth purchased a new position in Unity Software during the 1st quarter worth $260,000. Northwestern Mutual Wealth Management Co. grew its position in Unity Software by 28.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,542 shares of the company’s stock worth $134,000 after purchasing an additional 1,241 shares during the last quarter. California Public Employees Retirement System grew its position in Unity Software by 11.3% during the 2nd quarter. California Public Employees Retirement System now owns 520,774 shares of the company’s stock worth $12,603,000 after purchasing an additional 53,015 shares during the last quarter. Finally, Sei Investments Co. grew its position in Unity Software by 1,135.6% during the 2nd quarter. Sei Investments Co. now owns 224,715 shares of the company’s stock worth $5,438,000 after purchasing an additional 206,529 shares during the last quarter. 73.46% of the stock is owned by hedge funds and other institutional investors.

Unity Software Stock Down 1.5%

Shares of NYSE:U opened at $28.07 on Wednesday. The company has a market cap of $12.25 billion, a price-to-earnings ratio of -17.88, a PEG ratio of 3.64 and a beta of 2.06. The firm’s 50-day simple moving average is $26.55 and its 200-day simple moving average is $30.47. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.56. Unity Software Inc. has a fifty-two week low of $16.78 and a fifty-two week high of $52.15.

Insider Transactions at Unity Software

In related news, SVP Rebecca Berenice Boyden sold 952 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $27.20, for a total value of $25,894.40. Following the completion of the sale, the senior vice president owned 309,445 shares in the company, valued at $8,416,904. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Alexander Blum sold 2,099 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $27.37, for a total transaction of $57,449.63. Following the completion of the sale, the chief operating officer owned 727,970 shares of the company’s stock, valued at $19,924,538.90. This trade represents a 0.29% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 198,321 shares of company stock valued at $5,390,783. 0.77% of the stock is owned by company insiders.

Analyst Ratings Changes

U has been the topic of several research reports. Wells Fargo & Company raised their price objective on shares of Unity Software from $29.00 to $35.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. UBS Group raised their price objective on shares of Unity Software from $26.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 5th. Bank of America raised their price objective on shares of Unity Software from $19.00 to $21.00 and gave the stock a “neutral” rating in a research report on Friday, March 27th. Piper Sandler initiated coverage on shares of Unity Software in a research report on Tuesday, June 2nd. They set an “overweight” rating and a $40.00 price objective on the stock. Finally, Citigroup lowered their price objective on shares of Unity Software from $43.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.71.

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.