Connor Clark & Lunn Investment Management Ltd. Reduces Position in Unity Software Inc. $U

Connor Clark & Lunn Investment Management Ltd. trimmed its position in Unity Software Inc. (NYSE:U) by 48.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,554,336 shares of the company’s stock after selling 1,462,811 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.36% of Unity Software worth $62,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new stake in Unity Software during the 3rd quarter valued at about $27,000. Atlantic Union Bankshares Corp purchased a new position in shares of Unity Software in the second quarter worth about $28,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Unity Software in the third quarter worth about $38,000. Salem Investment Counselors Inc. acquired a new stake in shares of Unity Software during the third quarter worth about $40,000. Finally, Allworth Financial LP lifted its holdings in shares of Unity Software by 28.4% during the second quarter. Allworth Financial LP now owns 1,865 shares of the company’s stock worth $45,000 after purchasing an additional 412 shares during the period. Institutional investors and hedge funds own 73.46% of the company’s stock.

Unity Software Trading Down 3.2%

U stock opened at $20.00 on Thursday. The company’s 50-day simple moving average is $30.50 and its 200-day simple moving average is $37.60. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.52. Unity Software Inc. has a 52-week low of $15.33 and a 52-week high of $52.15. The firm has a market cap of $8.66 billion, a P/E ratio of -20.83, a PEG ratio of 11.09 and a beta of 2.14.

Unity Software (NYSE:U) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.04. The firm had revenue of $503.09 million during the quarter, compared to analyst estimates of $490.64 million. Unity Software had a negative return on equity of 4.76% and a negative net margin of 21.77%.Unity Software’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.30) EPS. As a group, equities analysts forecast that Unity Software Inc. will post -1.25 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on U shares. Piper Sandler upgraded shares of Unity Software from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $43.00 to $59.00 in a report on Thursday, December 11th. Arete Research upgraded shares of Unity Software from a “neutral” rating to a “buy” rating and set a $48.00 price objective for the company in a research note on Monday, December 1st. Citizens Jmp dropped their price objective on shares of Unity Software from $50.00 to $37.00 and set a “market outperform” rating on the stock in a report on Thursday, February 12th. BTIG Research cut their price objective on shares of Unity Software from $60.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Finally, Wedbush reduced their target price on shares of Unity Software from $37.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $39.73.

Insiders Place Their Bets

In other news, CFO Jarrod Yahes sold 6,205 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $21.03, for a total transaction of $130,491.15. Following the transaction, the chief financial officer owned 728,381 shares in the company, valued at $15,317,852.43. This trade represents a 0.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Alexander Blum sold 2,541 shares of Unity Software stock in a transaction on Friday, February 27th. The shares were sold at an average price of $18.76, for a total transaction of $47,669.16. Following the completion of the sale, the chief operating officer directly owned 548,425 shares in the company, valued at $10,288,453. This represents a 0.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 91,684 shares of company stock valued at $3,123,350 in the last three months. 3.61% of the stock is currently owned by company insiders.

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.