Unity Software (NYSE:U) Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Unity Software from hold to strong-buy, adding to a generally positive analyst outlook on the stock.
• Other firms have also been constructive: several analysts recently reiterated or raised ratings and price targets, and the consensus rating now stands at Moderate Buy with an average price target of $37.77.
• Unity Software shares rose 3.5% to $31.76, while recent insider sales and institutional buying activity showed continued trading interest in the stock.

Unity Software (NYSE:U - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.

Several other equities analysts have also recently weighed in on the stock. Raymond James Financial started coverage on shares of Unity Software in a research note on Monday, June 29th. They set a "market perform" rating for the company. Needham & Company LLC increased their target price on shares of Unity Software from $35.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Piper Sandler initiated coverage on shares of Unity Software in a research report on Tuesday, June 2nd. They issued an "overweight" rating and a $40.00 target price for the company. Morgan Stanley raised their target price on shares of Unity Software from $30.00 to $32.00 and gave the company an "overweight" rating in a research report on Friday, March 27th. Finally, Bank of America boosted their price target on shares of Unity Software from $19.00 to $21.00 and gave the stock a "neutral" rating in a research report on Friday, March 27th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Unity Software has an average rating of "Moderate Buy" and a consensus price target of $37.77.

Unity Software Stock Up 3.5%

Shares of Unity Software stock opened at $31.76 on Monday. The firm has a market cap of $13.86 billion, a PE ratio of -20.23, a P/E/G ratio of 3.71 and a beta of 2.05. The business's 50 day simple moving average is $28.21 and its 200 day simple moving average is $28.11. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.95 and a current ratio of 1.95. Unity Software has a 52-week low of $16.78 and a 52-week high of $52.15.

Insider Buying and Selling

In other news, CAO Mark Barrysmith sold 13,247 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $27.18, for a total value of $360,053.46. Following the completion of the sale, the chief accounting officer owned 370,654 shares of the company's stock, valued at approximately $10,074,375.72. This represents a 3.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Rebecca Berenice Boyden sold 952 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $27.20, for a total transaction of $25,894.40. Following the transaction, the senior vice president owned 309,445 shares in the company, valued at approximately $8,416,904. The trade was a 0.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 198,321 shares of company stock worth $5,390,783 in the last quarter. 0.77% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of U. Newbridge Financial Services Group Inc. grew its stake in Unity Software by 12.9% in the 3rd quarter. Newbridge Financial Services Group Inc. now owns 2,696 shares of the company's stock worth $108,000 after buying an additional 308 shares in the last quarter. Larson Financial Group LLC increased its stake in Unity Software by 88.1% in the third quarter. Larson Financial Group LLC now owns 728 shares of the company's stock valued at $29,000 after acquiring an additional 341 shares during the last quarter. Swiss Life Asset Management Ltd increased its stake in Unity Software by 3.1% in the fourth quarter. Swiss Life Asset Management Ltd now owns 14,861 shares of the company's stock valued at $656,000 after acquiring an additional 449 shares during the last quarter. Captrust Financial Advisors raised its position in Unity Software by 2.1% during the second quarter. Captrust Financial Advisors now owns 22,330 shares of the company's stock valued at $540,000 after purchasing an additional 462 shares in the last quarter. Finally, Ritholtz Wealth Management raised its position in Unity Software by 8.9% during the fourth quarter. Ritholtz Wealth Management now owns 5,732 shares of the company's stock valued at $253,000 after purchasing an additional 468 shares in the last quarter. 73.46% of the stock is currently owned by institutional investors and hedge funds.

About Unity Software

Unity Software is a leading provider of a real-time 3D development platform that enables creators across industries to design, build and operate interactive, real-time experiences. Originally focused on the game development market, Unity's technology now extends into sectors such as film, automotive, architecture, engineering and construction, delivering immersive content for mobile, desktop, console, augmented reality and virtual reality devices. The company's core offering comprises a suite of authoring tools, runtime engines and cloud services that streamline the creation and deployment of interactive 3D applications.

The Unity Editor serves as the central hub where developers design scenes, script behavior and iterate on assets.

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