Unity Software (NYSE:U) Price Target Raised to $41.00

Key Points

• Wedbush has raised its price target for Unity Software from $39.00 to $41.00, signaling a potential upside of 24.33% from the previous closing price.
• Analysts currently have a consensus rating of "Hold" on Unity Software, with an average target price of $27.97.
• In recent transactions, insiders sold a significant amount of stock, with 1,210,142 shares sold in the last 90 days, indicating possible profit-taking.

Unity Software (NYSE:U - Get Free Report) had its price objective boosted by analysts at Wedbush from $39.00 to $41.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's price target would indicate a potential upside of 24.33% from the stock's previous close.

A number of other brokerages have also recently issued reports on U. Bank of America assumed coverage on shares of Unity Software in a research report on Thursday, June 26th. They set an "underperform" rating and a $15.00 price target for the company. Wells Fargo & Company upped their price target on shares of Unity Software from $19.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Monday, July 7th. Morgan Stanley reduced their price objective on shares of Unity Software from $32.00 to $25.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. UBS Group lifted their target price on shares of Unity Software from $22.00 to $33.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, Citigroup increased their price target on shares of Unity Software from $29.00 to $44.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Unity Software currently has a consensus rating of "Hold" and an average target price of $27.97.

Unity Software Stock Up 3.3%

Shares of NYSE U opened at $32.98 on Thursday. The firm has a fifty day simple moving average of $28.16 and a two-hundred day simple moving average of $23.85. Unity Software has a 12 month low of $13.94 and a 12 month high of $38.96. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $13.71 billion, a PE ratio of -29.51 and a beta of 2.32.

Unity Software (NYSE:U - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.01). The company had revenue of $440.94 million during the quarter, compared to analysts' expectations of $425.18 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 1.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.32) earnings per share. Equities analysts expect that Unity Software will post -1.25 earnings per share for the current year.

Insider Activity at Unity Software

In other Unity Software news, CAO Mark Barrysmith sold 1,011 shares of Unity Software stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $32.30, for a total value of $32,655.30. Following the completion of the transaction, the chief accounting officer directly owned 464,372 shares of the company's stock, valued at $14,999,215.60. This trade represents a 0.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director David Helgason sold 261,473 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $25.70, for a total transaction of $6,719,856.10. Following the completion of the transaction, the director directly owned 7,489,173 shares of the company's stock, valued at approximately $192,471,746.10. The trade was a 3.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,210,142 shares of company stock valued at $31,199,782. 3.61% of the stock is currently owned by insiders.

Institutional Trading of Unity Software

Hedge funds and other institutional investors have recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Unity Software by 8.8% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,017,147 shares of the company's stock valued at $73,015,000 after buying an additional 243,990 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Unity Software by 1.8% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 249,165 shares of the company's stock valued at $6,030,000 after acquiring an additional 4,476 shares during the period. Prospera Financial Services Inc boosted its position in Unity Software by 22.2% in the second quarter. Prospera Financial Services Inc now owns 18,508 shares of the company's stock valued at $448,000 after buying an additional 3,366 shares during the last quarter. Resona Asset Management Co. Ltd. boosted its holdings in Unity Software by 11.1% in the second quarter. Resona Asset Management Co. Ltd. now owns 5,116 shares of the company's stock valued at $124,000 after purchasing an additional 510 shares during the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new position in Unity Software in the second quarter valued at approximately $28,000. 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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