The Vanguard Group, Inc. recently announced the acquisition of new stake in Unity Software Inc (NYSE:U). The institutional investor has increased its shareholding in the Technology company by 8.47% to 25.24 million shares with purchase of 1.97 million shares. This fresh investment now brings its stake to 6.64% valued currently at $744.97 million. In addition, BlackRock Fund Advisors raised its holdings by 0.48 million to 10.87 million shares. And SSgA Funds Management, Inc. has lifted its position by 2.13% or 0.12 million shares – to 5.63 million shares.
With over 11.19 million Unity Software Inc (U) shares trading Friday and a closing price of $37.78 on the day, the dollar volume was approximately $422.62 million. The shares have shown a negative half year performance of -6.62% and its price on 01/05/24 gained nearly 1.97%. Currently, there are 374.24M common shares owned by the public and among those 229.34M shares have been available to trade.
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Insiders at the company have transacted a total of 94 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 1,413,815 shares. Insider sales of the common stock occurred on 73 occasions, with total insider shares sold totaling 5,766,175 shares.
The top 3 mutual fund holders in Unity Software Inc are Vanguard Total Stock Market ETF, ARK Innovation ETF, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market ETF owns 8.41 million shares of the company’s stock, all valued at over $248.07 million. The company bought an additional 10234.0 shares recently to bring their total holdings to about 2.21% of the shares outstanding. ARK Innovation ETF sold 63674.0 shares to see its total holdings shrink to 8.37 million shares valued at over $246.97 million and representing 2.20% of the shares outstanding. Vanguard Mid Cap Index Fund bought 21279.0 shares to bring its total holdings to over 6.1 million shares at a value of $180.06 million. Vanguard Mid Cap Index Fund now owns shares totaling to 1.61% of the shares outstanding.
Shares of Unity Software Inc (NYSE: U) opened at $36.46, down -$0.59 from a prior closing price of $37.05. However, the script later moved the day high at 38.36, up 1.97%. The company’s stock has a 5-day price change of -11.48% and 31.45% over the past three months. U shares are trading -7.61% year to date (YTD), with the 12-month market performance up to 33.36% higher. It has a 12-month low price of $22.20 and touched a high of $50.08 over the same period. U has an average intraday trading volume of 12.00 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.24%, 18.57%, and 12.30% respectively.
Institutional ownership of Unity Software Inc (NYSE: U) shares accounts for 40.98% of the company’s 374.24M shares outstanding. Mutual fund holders own 21.67%, while other institutional holders and individual stakeholders account for 34.74% and 19.44% respectively.
It has a market capitalization of $14.36B and a beta (3y monthly) value of 2.54. The earnings-per-share (ttm) stands at -$2.33. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.27% over the week and 4.91% over the month.
Analysts forecast that Unity Software Inc (U) will achieve an EPS of -$0.43 for the current quarter, -$0.34 for the next quarter and -$0.86 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.69 while analysts give the company a high EPS estimate of -$0.31. Comparatively, EPS for the current quarter was -$0.01 a year ago. Earnings per share for the fiscal year are expected to increase by 263.43%, and 58.77% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 27 brokerage firm advisors rate Unity Software Inc (U) as a “Moderate Buy” at a consensus score of 2.44. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 12 of the 27 advise that investors “hold,” and 3 rated it as a “Sell.”
Looking at the support for the U, a number of firms have released research notes about the stock. Piper Sandler stated their Underweight rating for the stock in a research note on January 02, 2024, with the firm’s price target at $20-$35.
