Bank of America Corp DE Sells 1,917,401 Shares of Unity Software Inc. $U

Key Points

• Bank of America reduced its Unity Software stake by 58.5%, selling 1,917,401 shares in the first quarter and retaining 1,359,999 shares worth approximately $29.8 million.
• Institutional ownership remains significant at 73.46%, while several investors—including CalPERS and Sei Investments—expanded their positions. Unity insiders also sold shares, primarily to cover tax withholding on vested equity awards.
• Analysts are broadly bullish: Unity has a consensus “Moderate Buy” rating and an average price target of $45.16. The stock opened at $46.33, near its 52-week high of $52.15.

Bank of America Corp DE lowered its stake in shares of Unity Software Inc. (NYSE:U - Free Report) by 58.5% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,359,999 shares of the company's stock after selling 1,917,401 shares during the period. Bank of America Corp DE owned approximately 0.31% of Unity Software worth $29,838,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Unity Software by 5.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 813,176 shares of the company's stock valued at $15,930,000 after acquiring an additional 45,481 shares in the last quarter. Focus Partners Wealth purchased a new position in Unity Software during the 1st quarter worth $260,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of Unity Software by 28.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,542 shares of the company's stock worth $134,000 after acquiring an additional 1,241 shares in the last quarter. California Public Employees Retirement System raised its holdings in shares of Unity Software by 11.3% in the second quarter. California Public Employees Retirement System now owns 520,774 shares of the company's stock valued at $12,603,000 after purchasing an additional 53,015 shares during the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Unity Software by 1,135.6% in the second quarter. Sei Investments Co. now owns 224,715 shares of the company's stock valued at $5,438,000 after purchasing an additional 206,529 shares during the last quarter. 73.46% of the stock is owned by institutional investors.

Insider Transactions at Unity Software

In other news, COO Alexander Blum sold 19,009 shares of the business's stock in a transaction 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 completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 company's stock in a transaction 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 in the company, valued at approximately $19,144,504.80. The trade was a 3.30% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 198,321 shares of company stock worth $5,390,783. 0.77% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Needham & Company LLC increased their price objective on shares of Unity Software from $40.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, August 7th. BTIG Research boosted their target price on Unity Software from $43.00 to $51.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Weiss Ratings raised Unity Software from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 4th. UBS Group reaffirmed an "outperform" rating on shares of Unity Software in a research report on Friday, August 7th. Finally, HSBC upgraded Unity Software from a "hold" rating to a "buy" rating and set a $47.10 price target on the stock in a report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $45.16.

Unity Software Stock Performance

Unity Software stock opened at $46.33 on Friday. Unity Software Inc. has a 1-year low of $16.78 and a 1-year high of $52.15. The company has a current ratio of 2.03, a quick ratio of 1.95 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $20.39 billion, a PE ratio of -34.07, a price-to-earnings-growth ratio of 3.16 and a beta of 2.04. The firm's 50 day simple moving average is $31.58 and its 200 day simple moving average is $26.79.

About Unity Software

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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