Atreides Management LP Sells 59,602 Shares of Unity Software Inc. $U

Key Points

• Atreides Management trimmed its position in Unity by 1.0%, selling 59,602 shares and now holds 6,111,553 shares (about 1.43% of Unity), a stake valued at roughly $244.7 million and representing ~4.8% of the fund’s portfolio.
• Insider selling continued: CAO Mark Barrysmith sold 10,578 shares at about $18.07 and CFO Jarrod Yahes sold 6,205 shares at about $21.03; insiders sold 41,684 shares worth $773,350 in the quarter and now own 3.61% of the company.
• Institutional and analyst snapshot: Institutional investors own 73.46% of Unity (Vanguard holds ~34.56M shares), and analysts have a consensus rating of “Moderate Buy” with a $39.73 price target amid mixed firm-specific upgrades and price-target cuts.

Atreides Management LP reduced its stake in shares of Unity Software Inc. (NYSE:U - Free Report) by 1.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,111,553 shares of the company's stock after selling 59,602 shares during the quarter. Unity Software comprises about 4.8% of Atreides Management LP's portfolio, making the stock its 3rd biggest position. Atreides Management LP owned 1.43% of Unity Software worth $244,707,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also modified their holdings of the company. Jefferies Financial Group Inc. acquired a new stake in shares of Unity Software in the 2nd quarter valued at $205,000. Vanguard Group Inc. lifted its stake in shares of Unity Software by 2.8% during the third quarter. Vanguard Group Inc. now owns 34,556,611 shares of the company's stock valued at $1,383,647,000 after acquiring an additional 930,293 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Unity Software by 148.2% during the second quarter. PNC Financial Services Group Inc. now owns 22,181 shares of the company's stock valued at $537,000 after acquiring an additional 13,245 shares during the period. Broad Peak Investment Advisers Pte Ltd boosted its holdings in Unity Software by 43.6% in the third quarter. Broad Peak Investment Advisers Pte Ltd now owns 2,849,437 shares of the company's stock valued at $114,091,000 after acquiring an additional 865,179 shares during the last quarter. Finally, Maytree Asset Management Ltd boosted its holdings in Unity Software by 112.0% in the third quarter. Maytree Asset Management Ltd now owns 217,846 shares of the company's stock valued at $8,723,000 after acquiring an additional 115,111 shares during the last quarter. Institutional investors and hedge funds own 73.46% of the company's stock.

Insider Activity at Unity Software

In related news, CAO Mark Barrysmith sold 10,578 shares of Unity Software stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $18.07, for a total value of $191,144.46. Following the sale, the chief accounting officer owned 383,901 shares of the company's stock, valued at approximately $6,937,091.07. This trade represents a 2.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jarrod Yahes sold 6,205 shares of the business's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $21.03, for a total value of $130,491.15. Following the completion of the sale, the chief financial officer owned 728,381 shares in the company, valued at $15,317,852.43. The trade was a 0.84% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 41,684 shares of company stock valued at $773,350. 3.61% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on U shares. Freedom Capital raised Unity Software to a "strong-buy" rating in a report on Thursday, January 15th. The Goldman Sachs Group reduced their target price on shares of Unity Software from $47.00 to $27.00 and set a "neutral" rating on the stock in a research note on Thursday, February 12th. Benchmark reiterated a "hold" rating on shares of Unity Software in a research report on Monday, February 2nd. Arete Research raised shares of Unity Software from a "neutral" rating to a "buy" rating and set a $48.00 price target for the company in a research note on Monday, December 1st. Finally, UBS Group cut their price objective on shares of Unity Software from $46.00 to $32.00 and set a "neutral" rating on the stock in a report on Tuesday, February 10th. One research 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 assigned a Sell rating to the stock. According to data from MarketBeat, Unity Software presently has a consensus rating of "Moderate Buy" and a consensus price target of $39.73.

Unity Software Price Performance

Shares of NYSE U opened at $19.42 on Friday. The company has a fifty day moving average price of $29.51 and a 200 day moving average price of $37.31. The firm has a market cap of $8.41 billion, a PE ratio of -20.23, a PEG ratio of 10.42 and a beta of 2.14. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.52. Unity Software Inc. has a 1-year low of $15.33 and a 1-year high of $52.15.

Unity Software (NYSE:U - Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.04. The firm had revenue of $503.09 million for the quarter, compared to the consensus estimate of $490.64 million. Unity Software had a negative return on equity of 4.76% and a negative net margin of 21.77%.The company's revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.30) EPS. Research analysts predict that Unity Software Inc. will post -1.25 earnings per share for the current fiscal year.

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.

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