Norges Bank Invests $230.29 Million in Unity Software Inc. $U

Norges Bank acquired a new position in Unity Software Inc. (NYSE:U) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 5,213,617 shares of the company’s stock, valued at approximately $230,285,000.

Other hedge funds also recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new position in shares of Unity Software in the 4th quarter worth approximately $30,000. Larson Financial Group LLC grew its stake in shares of Unity Software by 88.1% in the 3rd quarter. Larson Financial Group LLC now owns 728 shares of the company’s stock worth $29,000 after purchasing an additional 341 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Unity Software in the fourth quarter worth approximately $36,000. IFP Advisors Inc purchased a new position in shares of Unity Software in the third quarter worth approximately $33,000. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Unity Software in the third quarter worth approximately $38,000. Institutional investors and hedge funds own 73.46% of the company’s stock.

Unity Software Stock Performance

Shares of U opened at $30.85 on Wednesday. The company’s 50 day moving average price is $24.67 and its 200 day moving average price is $31.29. Unity Software Inc. has a 52 week low of $16.78 and a 52 week high of $52.15. The company has a market capitalization of $13.47 billion, a PE ratio of -19.65, a PEG ratio of 4.12 and a beta of 2.06. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.95 and a current ratio of 1.95.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Citigroup dropped their target price 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. Citizens Jmp reissued a “market outperform” rating and issued a $37.00 target price on shares of Unity Software in a research report on Friday, March 27th. Morgan Stanley lifted their target price on shares of Unity Software from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Friday, March 27th. Oppenheimer raised shares of Unity Software from a “market perform” rating to an “outperform” rating and set a $38.00 target price on the stock in a research report on Tuesday, February 10th. Finally, BTIG Research lifted their target price on shares of Unity Software from $39.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.71.

Insider Activity

In related news, CEO Matthew S. Bromberg sold 138,993 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $27.18, for a total transaction of $3,777,829.74. Following the transaction, the chief executive officer directly owned 1,557,514 shares of the company’s stock, valued at approximately $42,333,230.52. The trade was a 8.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Alexander Blum sold 19,009 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $27.18, for a total transaction of $516,664.62. Following the transaction, the chief operating officer directly owned 730,069 shares in the company, valued at $19,843,275.42. The trade was a 2.54% decrease in their ownership of the stock. 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 a total of 204,526 shares of company stock valued at $5,521,274 in the last three months. 0.77% of the stock is currently owned by 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.