Bank of Nova Scotia Invests $5.63 Million in Unity Software Inc. $U

Bank of Nova Scotia acquired a new position in Unity Software Inc. (NYSE:U) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 256,694 shares of the company’s stock, valued at approximately $5,632,000. Bank of Nova Scotia owned approximately 0.06% of Unity Software at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wellington Management Group LLP lifted its position in shares of Unity Software by 58.7% during the 3rd quarter. Wellington Management Group LLP now owns 18,213,875 shares of the company’s stock valued at $729,284,000 after acquiring an additional 6,734,285 shares during the period. Norges Bank acquired a new position in shares of Unity Software during the fourth quarter valued at about $230,285,000. Duquesne Family Office LLC bought a new position in shares of Unity Software during the 2nd quarter worth about $42,932,000. Dimensional Fund Advisors LP boosted its position in shares of Unity Software by 52.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,245,014 shares of the company’s stock worth $93,089,000 after purchasing an additional 1,465,962 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its stake in shares of Unity Software by 41.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,622,445 shares of the company’s stock valued at $204,174,000 after buying an additional 1,355,847 shares during the period. 73.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, COO Alexander Blum sold 19,009 shares of Unity Software stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $27.18, for a total transaction of $516,664.62. Following the completion of the sale, the chief operating officer owned 730,069 shares of the company’s stock, valued at approximately $19,843,275.42. This trade represents a 2.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jarrod Yahes sold 24,021 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $27.18, for a total transaction of $652,890.78. Following the completion of the transaction, the chief financial officer directly owned 704,360 shares of the company’s stock, valued at approximately $19,144,504.80. This represents a 3.30% decrease in their position. 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 sold 198,321 shares of company stock valued at $5,390,783 in the last three months. Insiders own 0.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on U shares. Piper Sandler started coverage on Unity Software in a report on Tuesday, June 2nd. They issued an “overweight” rating and a $40.00 price target on the stock. Barclays upped their target price on Unity Software from $28.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Wells Fargo & Company lifted their price target on shares of Unity Software from $35.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. UBS Group boosted their price target on shares of Unity Software from $26.00 to $28.00 and gave the company a “neutral” rating in a research note on Tuesday, May 5th. Finally, BTIG Research upped their price objective on shares of Unity Software from $39.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eight have assigned 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 price target of $37.99.

Unity Software Price Performance

U opened at $30.40 on Tuesday. The company has a market capitalization of $13.27 billion, a price-to-earnings ratio of -19.36, a PEG ratio of 3.39 and a beta of 2.05. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.56. The firm has a 50-day moving average price of $28.68 and a 200-day moving average price of $27.14. Unity Software Inc. has a twelve month low of $16.78 and a twelve month high of $52.15.

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.