Readystate Asset Management LP Makes New $2.19 Million Investment in Unity Software Inc. $U

Key Points

• Readystate Asset Management purchased 99,596 Unity Software shares worth approximately $2.19 million in the first quarter. Institutional investors collectively own 73.46% of the company.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $37.99; recent targets range from $28 to $40.
• Unity shares opened at $31.84, with a market capitalization of $13.9 billion. The stock has traded between $16.78 and $52.15 over the past year, while insiders have sold shares primarily to cover tax obligations from equity awards.

Readystate Asset Management LP purchased a new stake in Unity Software Inc. (NYSE:U - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 99,596 shares of the company's stock, valued at approximately $2,185,000.

A number of other institutional investors have also recently modified their holdings of the business. Wellington Management Group LLP raised its position in Unity Software by 58.7% in the third quarter. Wellington Management Group LLP now owns 18,213,875 shares of the company's stock worth $729,284,000 after acquiring an additional 6,734,285 shares in the last quarter. Norges Bank acquired a new stake in shares of Unity Software in the 4th quarter worth approximately $230,285,000. Renaissance Technologies LLC purchased a new position in Unity Software in the 1st quarter valued at approximately $54,534,000. Duquesne Family Office LLC acquired a new position in Unity Software during the second quarter worth $42,932,000. Finally, Dimensional Fund Advisors LP boosted its position in Unity Software by 52.8% during the first 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. 73.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP Rebecca Berenice Boyden sold 952 shares of the company's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $27.20, for a total value of $25,894.40. Following the completion of the transaction, the senior vice president directly owned 309,445 shares in the company, valued at approximately $8,416,904. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Mark Barrysmith sold 13,247 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 $360,053.46. Following the completion of the sale, the chief accounting officer owned 370,654 shares of the company's stock, valued at $10,074,375.72. This trade represents a 3.45% 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 have sold 198,321 shares of company stock valued at $5,390,783. 0.77% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Wedbush raised their price target on Unity Software from $32.00 to $36.00 and gave the company an "outperform" rating in a research report on Wednesday, July 22nd. Needham & Company LLC lifted their target price on shares of Unity Software from $35.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Raymond James Financial began coverage on shares of Unity Software in a research report on Monday, June 29th. They issued a "market perform" rating on the stock. UBS Group raised their price objective on shares of Unity Software from $26.00 to $28.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Unity Software in a research note on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.99.

Unity Software Stock Performance

Shares of NYSE U opened at $31.84 on Wednesday. The company has a market cap of $13.90 billion, a PE ratio of -20.28, a price-to-earnings-growth ratio of 3.60 and a beta of 2.05. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.95 and a quick ratio of 1.95. Unity Software Inc. has a 12 month low of $16.78 and a 12 month high of $52.15. The company has a 50-day simple moving average of $28.79 and a 200-day simple moving average of $27.05.

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.

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