Bank of America Begins Coverage on Unity Software (NYSE:U)

Research analysts at Bank of America began coverage on shares of Unity Software (NYSE:U - Get Free Report) in a research report issued on Thursday. The firm set an "underperform" rating and a $15.00 price target on the stock. Bank of America's price objective would suggest a potential downside of 37.91% from the company's previous close.

Several other research firms also recently issued reports on U. Jefferies Financial Group upgraded shares of Unity Software from a "hold" rating to a "buy" rating and upped their price objective for the company from $22.00 to $29.00 in a research note on Friday, May 30th. Macquarie assumed coverage on Unity Software in a research report on Monday, March 10th. They issued a "neutral" rating and a $24.00 target price for the company. Wedbush lowered Unity Software from a "strong-buy" rating to a "strong sell" rating in a research report on Wednesday, May 7th. Wall Street Zen upgraded Unity Software from a "hold" rating to a "buy" rating in a research note on Monday, June 9th. Finally, Stifel Nicolaus lowered their target price on shares of Unity Software from $35.00 to $28.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Unity Software presently has an average rating of "Hold" and a consensus price target of $24.47.

Unity Software Stock Up 0.5%

Unity Software stock opened at $24.16 on Thursday. The stock has a market cap of $10.04 billion, a PE ratio of -21.57 and a beta of 2.34. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.74 and a quick ratio of 2.74. The stock's fifty day moving average is $22.64 and its two-hundred day moving average is $22.38. Unity Software has a 1-year low of $13.90 and a 1-year high of $30.88.

Unity Software (NYSE:U - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.19. The business had revenue of $435.00 million for the quarter, compared to analyst estimates of $415.77 million. Unity Software had a negative return on equity of 14.12% and a negative net margin of 25.21%. The business's quarterly revenue was down 5.5% on a year-over-year basis. During the same quarter last year, the company earned $0.28 EPS. On average, sell-side analysts expect that Unity Software will post -1.25 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Tomer Bar-Zeev sold 250,000 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $26.39, for a total transaction of $6,597,500.00. Following the transaction, the director now owns 2,398,146 shares of the company's stock, valued at $63,287,072.94. This represents a 9.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mark Barrysmith sold 1,595 shares of the firm's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $18.43, for a total value of $29,395.85. Following the completion of the sale, the chief accounting officer now directly owns 481,822 shares of the company's stock, valued at approximately $8,879,979.46. This trade represents a 0.33% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,294,611 shares of company stock worth $30,506,382. 3.61% of the stock is owned by insiders.

Hedge Funds Weigh In On Unity Software

Large investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in Unity Software during the fourth quarter worth $269,320,000. Atreides Management LP raised its stake in shares of Unity Software by 146.7% during the 1st quarter. Atreides Management LP now owns 9,430,955 shares of the company's stock worth $184,752,000 after buying an additional 5,607,572 shares during the last quarter. Slate Path Capital LP purchased a new stake in shares of Unity Software in the 4th quarter worth about $62,387,000. Broad Peak Investment Advisers Pte Ltd acquired a new stake in Unity Software in the 1st quarter valued at about $47,648,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new position in Unity Software during the 1st quarter valued at about $43,265,000. Hedge funds and other institutional investors own 73.46% of the company's stock.

About Unity Software

Unity Software Inc operates a real-time 3D development platform. Its platform provides software solutions to create, run, and monetize interactive, real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. The company offers its solutions directly through its online store and field sales operations in North America, Denmark, Finland, the United Kingdom, Germany, Japan, China, Singapore, and South Korea, as well as indirectly through independent distributors and resellers worldwide.

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