Kettle Hill Capital Management LLC Raises Stake in Unity Software Inc. $U

Key Points

• Kettle Hill Capital Management boosted its stake in Unity Software by 180.6% in the fourth quarter, buying 423,534 additional shares to bring its total to 658,005 shares valued at about $29.1 million.
• Institutional ownership remains high, with several major investors including Vanguard, ARK Investment Management, and Massachusetts Financial Services also adding to positions; institutions now own 73.46% of Unity Software.
• Analysts are generally constructive on Unity Software, with an average rating of “Moderate Buy” and an average price target of $37.71, while recent insider sales by the COO and CFO were disclosed as related to tax withholding on vested equity awards.

Kettle Hill Capital Management LLC raised its stake in shares of Unity Software Inc. (NYSE:U - Free Report) by 180.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 658,005 shares of the company's stock after acquiring an additional 423,534 shares during the period. Unity Software comprises approximately 6.5% of Kettle Hill Capital Management LLC's investment portfolio, making the stock its 2nd largest holding. Kettle Hill Capital Management LLC owned 0.15% of Unity Software worth $29,064,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Unity Software by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 34,556,611 shares of the company's stock worth $1,383,647,000 after purchasing an additional 930,293 shares during the period. ARK Investment Management LLC raised its stake in shares of Unity Software by 10.8% during the 3rd quarter. ARK Investment Management LLC now owns 976,973 shares of the company's stock worth $39,118,000 after purchasing an additional 95,341 shares during the period. Cinctive Capital Management LP bought a new stake in shares of Unity Software during the 3rd quarter worth $4,727,000. WINTON GROUP Ltd bought a new stake in shares of Unity Software during the 3rd quarter worth $11,918,000. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Unity Software by 9.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,905,820 shares of the company's stock worth $128,350,000 after purchasing an additional 252,648 shares during the period. 73.46% of the stock is currently owned by institutional investors.

Unity Software Price Performance

NYSE U opened at $28.44 on Tuesday. The company has a market cap of $12.42 billion, a PE ratio of -18.12, a price-to-earnings-growth ratio of 3.48 and a beta of 2.06. Unity Software Inc. has a 52 week low of $16.78 and a 52 week high of $52.15. 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's 50-day simple moving average is $26.44 and its two-hundred day simple moving average is $30.57.

Analyst Upgrades and Downgrades

U has been the topic of a number of recent analyst reports. Morgan Stanley lifted their target price on Unity Software from $30.00 to $32.00 and gave the stock an "overweight" rating in a research note on Friday, March 27th. Piper Sandler initiated coverage on Unity Software in a research note on Tuesday, June 2nd. They set an "overweight" rating and a $40.00 target price on the stock. Wells Fargo & Company lifted their target price on Unity Software from $29.00 to $35.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. Citizens Jmp reissued a "market outperform" rating and issued a $37.00 price objective on shares of Unity Software in a report on Friday, March 27th. Finally, Bank of America boosted their price objective on Unity Software from $19.00 to $21.00 and gave the company a "neutral" rating in a research note on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $37.71.

Insider Buying and Selling at Unity Software

In other Unity Software news, COO Alexander Blum sold 2,099 shares of Unity Software stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $27.37, for a total transaction of $57,449.63. Following the completion of the transaction, the chief operating officer owned 727,970 shares of the company's stock, valued at $19,924,538.90. The trade was a 0.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 Unity Software stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $27.18, for a total value of $652,890.78. Following the transaction, the chief financial officer directly owned 704,360 shares of the company's stock, valued at $19,144,504.80. The trade was 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. Over the last 90 days, insiders sold 198,321 shares of company stock valued at $5,390,783. Insiders own 0.77% of the company's stock.

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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