Amalgamated Bank has reduced its stake in Unity Software Inc. (NYSE: U) by selling 1,723 shares during the second quarter of 2023, according to a recent Form 13F filing with the Securities and Exchange Commission. This move represents a 9.5% decrease in the bank’s holdings, leaving it with 16,409 shares valued at approximately $397,000.
Several other institutional investors have also adjusted their positions in Unity Software. Notably, Principal Financial Group Inc. increased its stake by an impressive 1,321.3% in the first quarter, acquiring an additional 276,081 shares. The firm now holds 296,975 shares, valued at around $5,818,000. Similarly, Cerity Partners LLC boosted its investment by 111.6%, adding 67,357 shares to reach a total of 127,711 shares, worth about $2,502,000.
Xponance Inc. and CWM LLC also made significant moves. Xponance increased its holdings by 5.8%, while CWM LLC raised its share count by an extraordinary 319.2%, now owning 47,814 shares valued at approximately $937,000. Institutional investors now own 73.46% of Unity Software’s stock.
Unity Software Stock Performance
On Friday, Unity Software’s stock opened at $40.02, reflecting a 0.2% increase. The company has demonstrated strong financial metrics with a quick ratio of 2.73, a current ratio of 2.78, and a debt-to-equity ratio of 0.70. Over the past year, its stock has fluctuated between a low of $15.33 and a high of $46.94. Unity Software’s market capitalization stands at $17.13 billion, with a price-to-earnings ratio of -38.12 and a beta of 2.37. The stock’s fifty-day moving average is $40.01, while the two-hundred-day moving average is $32.23.
Insider Transactions and Analyst Forecasts
In related news, Director David Helgason sold 1,350,000 shares on September 8, 2023, at an average price of $44.43, resulting in a transaction valued at approximately $59,980,500. Following the sale, Helgason retains 6,139,173 shares, valued at $272,763,456. This sale reflects an 18.03% reduction in his ownership.
Another insider, Director Tomer Bar-Zeev, sold 250,000 shares on November 3, 2023, at an average price of $37.98, for a total of $9,495,000. Post-transaction, Bar-Zeev owns 1,298,146 shares, worth around $49,303,585, marking a 16.15% decrease in his stake. Over the last quarter, insiders have sold a total of 2,401,951 shares for about $101,957,409.
Wall Street analysts have begun to weigh in on Unity Software’s prospects. The Goldman Sachs Group initiated coverage with a “neutral” rating and a target price of $38.00. Barclays raised its price objective from $30.00 to $35.00 while maintaining an “equal weight” rating. Morgan Stanley increased its target from $40.00 to $44.00 and assigned an “overweight” rating. Jefferies Financial Group also raised its target from $29.00 to $35.00, giving the stock a “buy” rating. Macquarie upgraded Unity Software from “neutral” to “outperform” with a new target of $50.00.
Currently, the stock has an average rating of “Hold” with an average target price of $38.40, according to data from MarketBeat.
Unity Software Inc. operates a real-time 3D development platform, providing software solutions for creating, running, and monetizing interactive content across various devices. The company markets its solutions directly through its online store and sales operations in regions including North America, Europe, and parts of Asia, along with independent distributors globally.
For those interested in further details regarding hedge fund activities related to Unity Software, the latest 13F filings and insider trades are available for viewing online.
