Resolute Advisors LLC Sells 2,146,147 Shares of Unity Software Inc. $U

Key Points

• Resolute Advisors LLC cut its stake in Unity Software by 57% in the fourth quarter, selling 2,146,147 shares and leaving it with 1,621,429 shares. Unity remains the fund’s largest holding, making up 23.4% of its portfolio.
• Several other institutional investors also adjusted positions, with firms like Vanguard, Principal Financial, and ARK Investment Management increasing their holdings. Overall, 73.46% of Unity’s stock is owned by institutions and hedge funds.
• Wall Street’s view is mixed but generally positive: analysts have a “Moderate Buy” consensus and a $37.71 average price target. Recent insider sales by the CFO and CAO were disclosed as tax-related transactions tied to equity vesting.

Resolute Advisors LLC cut its position in shares of Unity Software Inc. (NYSE:U - Free Report) by 57.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,621,429 shares of the company's stock after selling 2,146,147 shares during the period. Unity Software accounts for 23.4% of Resolute Advisors LLC's portfolio, making the stock its largest holding. Resolute Advisors LLC owned 0.38% of Unity Software worth $71,619,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Unity Software by 2.8% in the third quarter. Vanguard Group Inc. now owns 34,556,611 shares of the company's stock valued at $1,383,647,000 after buying an additional 930,293 shares during the period. Principal Financial Group Inc. raised its holdings in Unity Software by 46.5% in the third quarter. Principal Financial Group Inc. now owns 211,686 shares of the company's stock valued at $8,476,000 after buying an additional 67,219 shares during the period. ARK Investment Management LLC raised its holdings in Unity Software by 10.8% in the third quarter. ARK Investment Management LLC now owns 976,973 shares of the company's stock valued at $39,118,000 after buying an additional 95,341 shares during the period. Cinctive Capital Management LP purchased a new position in Unity Software in the third quarter valued at approximately $4,727,000. Finally, WINTON GROUP Ltd purchased a new position in Unity Software in the third quarter valued at approximately $11,918,000. 73.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on U shares. Wells Fargo & Company raised their price target on shares of Unity Software from $29.00 to $35.00 and gave the company an "overweight" rating in a report on Friday, May 8th. UBS Group increased their price objective on shares of Unity Software from $26.00 to $28.00 and gave the company a "neutral" rating in a research report on Tuesday, May 5th. The Goldman Sachs Group lowered their price objective on shares of Unity Software from $47.00 to $27.00 and set a "neutral" rating for the company in a research report on Thursday, February 12th. Barclays increased their price objective on shares of Unity Software from $28.00 to $33.00 and gave the company an "equal weight" rating in a research report on Friday, May 8th. Finally, Bank of America increased their price objective on shares of Unity Software from $19.00 to $21.00 and gave the company a "neutral" rating in a research report on Friday, March 27th. 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 given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $37.71.

Insider Activity

In other news, CAO Mark Barrysmith sold 13,247 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 value of $360,053.46. Following the completion of the sale, the chief accounting officer directly owned 370,654 shares in the company, valued at approximately $10,074,375.72. The trade was a 3.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $27.18, for a total value of $652,890.78. Following the completion of the sale, the chief financial officer directly owned 704,360 shares of the company's stock, valued at $19,144,504.80. This represents a 3.30% decrease in their ownership of the stock. 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. In the last quarter, insiders have sold 198,321 shares of company stock worth $5,390,783. 0.77% of the stock is owned by company insiders.

Unity Software Stock Performance

U stock opened at $29.15 on Friday. Unity Software Inc. has a fifty-two week low of $16.78 and a fifty-two 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 company has a market capitalization of $12.72 billion, a P/E ratio of -18.56, a PEG ratio of 3.84 and a beta of 2.06. The company has a 50-day simple moving average of $25.59 and a 200 day simple moving average of $31.11.

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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