Sumitomo Mitsui Trust Group Inc. Sells 760,882 Shares of Unity Software Inc. $U

Key Points

• Sumitomo Mitsui Trust Group cut its Unity Software stake by 40.6% in the first quarter, selling 760,882 shares and leaving it with 1,111,451 shares valued at about $24.4 million.
• Other institutional investors remain heavily involved in the stock, with several funds either increasing positions or initiating new ones; overall, 73.46% of Unity shares are owned by institutions.
• Wall Street is cautious but positive on average: analysts rate Unity Software as a “Moderate Buy” with an average price target of $37.77, while the stock recently traded around $30.76.

Sumitomo Mitsui Trust Group Inc. reduced its stake in Unity Software Inc. (NYSE:U - Free Report) by 40.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,111,451 shares of the company's stock after selling 760,882 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.25% of Unity Software worth $24,385,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cinctive Capital Management LP bought a new position in shares of Unity Software in the third quarter valued at approximately $4,727,000. Massachusetts Financial Services Co. MA lifted its stake in Unity Software by 9.5% in 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 in the last quarter. FengHe Fund Management Pte. Ltd. lifted its stake in Unity Software by 287.0% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,732,002 shares of the company's stock worth $76,503,000 after purchasing an additional 1,284,400 shares in the last quarter. KBC Group NV boosted its holdings in Unity Software by 511.9% in the 4th quarter. KBC Group NV now owns 51,960 shares of the company's stock valued at $2,295,000 after purchasing an additional 43,468 shares during the period. Finally, Algert Global LLC grew its position in shares of Unity Software by 55.3% during the 3rd quarter. Algert Global LLC now owns 306,517 shares of the company's stock valued at $12,273,000 after purchasing an additional 109,151 shares in the last quarter. 73.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

U has been the topic of several research analyst reports. UBS Group upped their price target on shares of Unity Software from $26.00 to $28.00 and gave the stock a "neutral" rating in a report on Tuesday, May 5th. Raymond James Financial assumed coverage on Unity Software in a research note on Monday, June 29th. They set a "market perform" rating for the company. Citigroup decreased their target price on Unity Software from $43.00 to $40.00 and set a "buy" rating on the stock in a research note on Thursday, April 30th. Citizens Jmp reaffirmed a "market outperform" rating and issued a $37.00 price target on shares of Unity Software in a report on Friday, March 27th. Finally, BTIG Research lifted their price target on Unity Software from $39.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $37.77.

Unity Software Stock Down 0.4%

Shares of NYSE:U opened at $30.76 on Tuesday. The firm has a market capitalization of $13.43 billion, a PE ratio of -19.59, a price-to-earnings-growth ratio of 3.74 and a beta of 2.05. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.95 and a current ratio of 1.95. Unity Software Inc. has a 52-week low of $16.78 and a 52-week high of $52.15. The firm has a fifty day moving average of $28.12 and a 200 day moving average of $28.21.

Insider Activity

In other news, SVP Rebecca Berenice Boyden sold 952 shares of the company's stock in a transaction dated 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Matthew S. Bromberg sold 138,993 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $27.18, for a total value of $3,777,829.74. Following the transaction, the chief executive officer owned 1,557,514 shares in the company, valued at $42,333,230.52. This trade represents a 8.19% decrease in their ownership of the stock. 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 have sold 198,321 shares of company stock valued at $5,390,783. 0.77% of the stock is owned by insiders.

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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