Sumitomo Mitsui Trust Group Inc. Cuts Stock Holdings in Unity Software Inc. $U

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Unity Software Inc. (NYSE:U) by 40.6% during the first quarter, Holdings Channel reports. The institutional investor owned 1,111,451 shares of the company’s stock after selling 760,882 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Unity Software were worth $24,385,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of U. REAP Financial Group LLC bought a new stake in shares of Unity Software in the 4th quarter valued at about $28,000. Larson Financial Group LLC grew its position in Unity Software by 88.1% during the 3rd quarter. Larson Financial Group LLC now owns 728 shares of the company’s stock worth $29,000 after acquiring an additional 341 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in Unity Software in the 4th quarter worth approximately $30,000. IFP Advisors Inc purchased a new position in Unity Software in the 3rd quarter worth approximately $33,000. Finally, International Assets Investment Management LLC bought a new stake in Unity Software in the fourth quarter valued at approximately $36,000. Hedge funds and other institutional investors own 73.46% of the company’s stock.

Unity Software Trading Down 0.4%

Shares of U opened at $30.76 on Tuesday. Unity Software Inc. has a 1-year low of $16.78 and a 1-year high of $52.15. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.56. The firm’s 50-day moving average price is $28.12 and its 200-day moving average price is $28.21. The firm has a market capitalization of $13.43 billion, a price-to-earnings ratio of -19.59, a PEG ratio of 3.74 and a beta of 2.05.

Analysts Set New Price Targets

U has been the topic of several recent analyst reports. Morgan Stanley raised their target price on shares of Unity Software from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Friday, March 27th. Wedbush raised their price target on shares of Unity Software from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Bank of America boosted 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. Citizens Jmp reiterated a “market outperform” rating and set a $37.00 target price on shares of Unity Software in a report on Friday, March 27th. Finally, BTIG Research raised their target price on Unity Software from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. One 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 company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.77.

Insiders Place Their Bets

In other news, CFO Jarrod Yahes sold 24,021 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $27.18, for a total value of $652,890.78. Following the completion of the transaction, the chief financial officer owned 704,360 shares of the company’s stock, valued at approximately $19,144,504.80. This represents a 3.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 the firm’s 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 $360,053.46. Following the completion of the transaction, the chief accounting officer owned 370,654 shares of the company’s stock, valued at approximately $10,074,375.72. The trade was 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. Insiders sold a total of 198,321 shares of company stock valued at $5,390,783 over the last ninety days. 0.77% of the stock is owned by corporate 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.