Unity Software (NYSE:U) Price Target Raised to $50.00 at Citigroup

Key Points

• Citigroup has raised its price target for Unity Software from $44.00 to $50.00, indicating a potential upside of 27.62% based on the company's current price.
• Currently, Unity Software has a consensus rating of "Hold" among analysts, with one Strong Buy, seven Buy, nine Hold, and two Sell ratings.
• Despite the optimistic outlook from Citigroup, BTIG Research recently downgraded Unity from "neutral" to "sell" with a significantly lower target price of $25.00.

Unity Software (NYSE:U - Get Free Report) had its price target hoisted by investment analysts at Citigroup from $44.00 to $50.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's target price suggests a potential upside of 27.62% from the company's current price.

A number of other equities analysts have also recently commented on the company. BTIG Research cut Unity Software from a "neutral" rating to a "sell" rating and set a $25.00 target price on the stock. in a report on Wednesday, July 23rd. JMP Securities raised their price objective on Unity Software from $30.00 to $35.00 and gave the company a "market outperform" rating in a research report on Thursday, August 7th. Jefferies Financial Group raised their price objective on Unity Software from $29.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Wells Fargo & Company lifted their price target on Unity Software from $24.00 to $29.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. Finally, Wall Street Zen raised shares of Unity Software from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $32.05.

Unity Software Stock Performance

Shares of NYSE U traded down $0.86 during midday trading on Wednesday, hitting $39.18. 3,950,966 shares of the stock traded hands, compared to its average volume of 12,168,545. The firm has a 50-day moving average of $39.14 and a two-hundred day moving average of $28.75. The firm has a market capitalization of $16.55 billion, a P/E ratio of -37.01 and a beta of 2.33. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.73 and a current ratio of 2.73. Unity Software has a one year low of $15.33 and a one year high of $46.94.

Unity Software (NYSE:U - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.01). The firm had revenue of $440.94 million for the quarter, compared to the consensus estimate of $425.18 million. Unity Software had a negative net margin of 24.38% and a negative return on equity of 13.59%. Unity Software's quarterly revenue was down 1.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.32) earnings per share. On average, equities analysts forecast that Unity Software will post -1.25 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director David Helgason sold 1,350,000 shares of the business's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $44.43, for a total value of $59,980,500.00. Following the completion of the transaction, the director owned 6,139,173 shares of the company's stock, valued at $272,763,456.39. The trade was a 18.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Shlomo Dovrat sold 50,000 shares of Unity Software stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $30.01, for a total transaction of $1,500,500.00. Following the completion of the transaction, the director directly owned 189,089 shares in the company, valued at $5,674,560.89. This represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,134,426 shares of company stock valued at $89,426,284 over the last ninety days. Company insiders own 3.61% of the company's stock.

Hedge Funds Weigh In On Unity Software

Several institutional investors and hedge funds have recently bought and sold shares of U. Cornerstone Planning Group LLC grew its holdings in Unity Software by 30,300.0% in the first quarter. Cornerstone Planning Group LLC now owns 1,216 shares of the company's stock worth $25,000 after purchasing an additional 1,212 shares during the last quarter. CX Institutional purchased a new position in Unity Software in the second quarter worth $25,000. Banque Transatlantique SA purchased a new position in Unity Software in the first quarter worth $28,000. Atlantic Union Bankshares Corp purchased a new position in Unity Software in the second quarter worth $28,000. Finally, Allworth Financial LP grew its holdings in shares of Unity Software by 28.4% during the second quarter. Allworth Financial LP now owns 1,865 shares of the company's stock valued at $45,000 after buying an additional 412 shares during the last quarter. 73.46% of the stock is owned by hedge funds and other institutional investors.

Unity Software Company Profile

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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