Unity Software Inc. $U Position Cut by Y Intercept Hong Kong Ltd

Key Points

• Y Intercept Hong Kong Ltd cut its Unity Software stake by 47.8% in the first quarter, selling 46,763 shares and ending with 51,111 shares valued at about $1.12 million.
• Unity shares recently traded at $30.91, near their 52-week range of $16.78 to $52.15, with a market cap of $13.49 billion and a beta of 2.05.
• Insider selling and mixed analyst sentiment were notable: CFO Jarrod Yahes and SVP Rebecca Berenice Boyden sold shares in May, while analysts maintain a consensus rating of “Moderate Buy” with an average target price of $37.77.

Y Intercept Hong Kong Ltd reduced its holdings in Unity Software Inc. (NYSE:U - Free Report) by 47.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,111 shares of the company's stock after selling 46,763 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Unity Software were worth $1,121,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Unity Software by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 35,553,296 shares of the company's stock worth $1,570,389,000 after purchasing an additional 996,685 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Unity Software by 58.7% during the third quarter. Wellington Management Group LLP now owns 18,213,875 shares of the company's stock valued at $729,284,000 after purchasing an additional 6,734,285 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Unity Software by 5.9% during the fourth quarter. Geode Capital Management LLC now owns 5,852,047 shares of the company's stock valued at $258,547,000 after purchasing an additional 328,595 shares in the last quarter. Norges Bank acquired a new stake in Unity Software in the fourth quarter worth about $230,285,000. Finally, Ameriprise Financial Inc. lifted its holdings in Unity Software by 37.8% in the second quarter. Ameriprise Financial Inc. now owns 4,628,328 shares of the company's stock worth $112,006,000 after purchasing an additional 1,270,798 shares during the period. Institutional investors own 73.46% of the company's stock.

Unity Software Price Performance

NYSE U traded up $0.18 on Friday, reaching $30.91. The company's stock had a trading volume of 13,024,399 shares, compared to its average volume of 5,909,733. Unity Software Inc. has a twelve month low of $16.78 and a twelve month high of $52.15. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.95 and a current ratio of 1.95. The firm's 50 day moving average is $28.04 and its two-hundred day moving average is $28.43. The stock has a market cap of $13.49 billion, a PE ratio of -19.69, a PEG ratio of 3.74 and a beta of 2.05.

Insiders Place Their Bets

In related news, 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 transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Rebecca Berenice Boyden sold 952 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $27.20, for a total transaction of $25,894.40. Following the sale, the senior vice president owned 309,445 shares of the company's stock, valued at $8,416,904. The trade was a 0.31% 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. Over the last three months, insiders sold 198,321 shares of company stock worth $5,390,783. Company insiders own 0.77% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on U shares. Bank of America raised their target price on shares of Unity Software from $19.00 to $21.00 and gave the company a "neutral" rating in a research note on Friday, March 27th. Barclays upped their price target on shares of Unity Software from $28.00 to $33.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Wall Street Zen cut shares of Unity Software from a "buy" rating to a "hold" rating in a report on Saturday, March 28th. Raymond James Financial initiated coverage on shares of Unity Software in a research note on Monday, June 29th. They set a "market perform" rating on the stock. Finally, Citizens Jmp reissued a "market outperform" rating and set a $37.00 target price on shares of Unity Software in a report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Unity Software currently has a consensus rating of "Moderate Buy" and an average target price of $37.77.

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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