Unity Software (NYSE:U) Given New $53.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised Unity Software’s price target to $53 from $48 and maintained an “overweight” rating, implying approximately 13.1% upside from the reported $46.85 share price.
• Analyst sentiment remains favorable, with Unity carrying a consensus “Moderate Buy” rating and an average target price of $45.91. The company’s latest quarterly results exceeded expectations, including $546.47 million in revenue and EPS of $0.28 versus the $0.11 loss analysts anticipated.
• Unity shares have risen substantially, trading between $16.78 and $52.15 over the past year, while institutional investors own 73.46% of the stock. Company insiders sold about $4.9 million of shares over the past three months.

Unity Software (NYSE:U - Get Free Report) had its price target raised by equities research analysts at Wells Fargo & Company from $48.00 to $53.00 in a research report issued on Monday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price target would suggest a potential upside of 13.13% from the company's current price.

A number of other research analysts have also recently weighed in on U. Wall Street Zen upgraded Unity Software from a "hold" rating to a "buy" rating in a report on Monday. Piper Sandler restated an "overweight" rating on shares of Unity Software in a research note on Monday, October 5th. Oppenheimer restated an "outperform" rating on shares of Unity Software in a research note on Thursday. BTIG Research raised their price objective on Unity Software from $51.00 to $53.00 and gave the stock a "buy" rating in a report on Friday. Finally, Citizens Jmp raised their price objective on Unity Software from $37.00 to $45.00 and gave the stock a "market outperform" rating in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Unity Software has an average rating of "Moderate Buy" and a consensus target price of $45.91.

Unity Software Trading Down 0.1%

Shares of U traded down $0.03 during mid-day trading on Monday, reaching $46.85. The company had a trading volume of 1,829,781 shares, compared to its average volume of 12,778,401. The stock has a market cap of $20.62 billion, a price-to-earnings ratio of -34.42, a price-to-earnings-growth ratio of 2.05 and a beta of 2.11. The firm has a fifty day simple moving average of $42.97 and a 200-day simple moving average of $32.62. Unity Software has a fifty-two week low of $16.78 and a fifty-two week high of $52.15. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.55.

Unity Software (NYSE:U - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.39. The company had revenue of $546.47 million during the quarter, compared to analysts' expectations of $514.72 million. Unity Software had a negative net margin of 28.97% and a positive return on equity of 4.64%. The business's quarterly revenue was up 24.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.18 EPS. On average, sell-side analysts anticipate that Unity Software will post 0.55 EPS for the current fiscal year.

Insider Buying and Selling at Unity Software

In related news, CEO Matthew S. Bromberg sold 16,383 shares of Unity Software stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $45.31, for a total transaction of $742,313.73. Following the transaction, the chief executive officer owned 1,541,131 shares in the company, valued at approximately $69,828,645.61. The trade was a 1.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Alexander Blum sold 43,556 shares of Unity Software stock in a transaction on Friday, August 28th. The shares were sold at an average price of $43.51, for a total transaction of $1,895,121.56. Following the transaction, the chief operating officer owned 661,855 shares in the company, valued at $28,797,311.05. The trade was a 6.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 109,547 shares of company stock worth $4,884,202 over the last three months. 0.77% of the stock is currently owned by insiders.

Institutional Trading of Unity Software

Large investors have recently added to or reduced their stakes in the stock. Atreides Management LP acquired a new stake in Unity Software during the 2nd quarter valued at approximately $292,826,000. Resolute Advisors LLC increased its holdings in Unity Software by 473.3% during the 2nd quarter. Resolute Advisors LLC now owns 4,766,219 shares of the company's stock worth $136,219,000 after purchasing an additional 3,934,840 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Unity Software in the 1st quarter valued at approximately $54,534,000. Avala Global LP acquired a new position in shares of Unity Software in the 2nd quarter valued at approximately $62,522,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Unity Software by 52.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,245,014 shares of the company's stock valued at $93,089,000 after purchasing an additional 1,465,962 shares in the last quarter. 73.46% of the stock is currently owned by institutional investors and hedge funds.

Unity Software Company Profile

Unity Software Inc develops software and services for creating, operating and monetizing interactive, real-time 2D and 3D content. Its platform is widely used to build video games for mobile devices, personal computers, consoles and the web, as well as applications for industries such as automotive, architecture, engineering, construction, manufacturing and entertainment.

The company's core offering is the Unity development platform, which includes tools for graphics, physics, animation, audio, scripting and cross-platform deployment.

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