SAN FRANCISCO—Tomer Bar-Zeev, a director at Unity Software Inc . (NYSE:U), recently sold a significant portion of his holdings in the company. According to an SEC filing, Bar-Zeev sold a total of 260,000 shares of Unity Software (ETR:SOWGn) on December 5, 2024, at a weighted average price of $27.93 per share. The transactions, executed under a pre-established Rule 10b5-1 trading plan, amounted to approximately $7.26 million. The sale represents less than 1% of Unity's $11.17 billion market capitalization.
The shares were sold in multiple transactions at prices ranging from $27.53 to $28.48. Following these sales, Bar-Zeev now holds 757,650 shares directly and 3,898,146 shares indirectly through Agathy Holdings Ltd., where both he and his spouse, Yuli Bar-Zeev, serve as directors.
This move comes as part of Bar-Zeev's ongoing financial strategy and was executed as per the guidelines of the trading plan adopted earlier this year. Investors and analysts will be watching closely to see how this transaction influences market perceptions of Unity Software, a prominent player in the prepackaged software industry.
In other recent news, Unity Software has seen significant developments in its business operations. The company's Q3 revenue reached $429 million, surpassing the projected range of $415 million to $420 million. Adjusted EBITDA also exceeded expectations, hitting $92 million. Unity Software's full-year revenue guidance has been increased to between $1.73 billion and $1.78 billion, reflecting confidence in its growth trajectory.
Morgan Stanley (NYSE:MS) has reiterated its Overweight rating and $24.00 price target for Unity Software, expressing optimism about the company's growth prospects, particularly in its advertising and Create segments. The firm's confidence is bolstered by Unity's plans for a new advertising model set for a 2025 launch and the recent implementation of a 25% price increase for its largest customers in the Create division.
In other developments, shares of GameStop Corp (NYSE:GME). and AMC Entertainment (NYSE:AMC) Holdings Inc. saw a significant surge, attributed to a tweet by influential online figure Roaring Kitty. The tweet triggered speculative trading, resulting in a 10% rise in GameStop's stock and a 12% increase for AMC Entertainment. This activity is reminiscent of the meme-stock frenzy of January 2021, reinforcing Roaring Kitty's influence on the market.
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