Wells Fargo & Company Boosts Unity Software (NYSE:U) Price Target to $37.00

Key Points

• Wells Fargo & Company raised its price target for Unity Software from $29.00 to $37.00, indicating a potential upside of 0.89% based on the current stock price.
• Several analysts have varied opinions on Unity Software, with ratings ranging from "strong buy" to "sell"; currently, the stock has an average rating of "hold" and a consensus target price of $32.65.
• Unity Software's shares recently traded at $36.67, down 2.3%, and the company reported a quarterly earnings miss, with revenue declining 1.9% year-over-year.

Unity Software (NYSE:U - Get Free Report) had its price objective hoisted by equities research analysts at Wells Fargo & Company from $29.00 to $37.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective would suggest a potential upside of 0.89% from the company's current price.

A number of other equities research analysts also recently weighed in on U. Needham & Company LLC raised their price target on shares of Unity Software from $30.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Wall Street Zen upgraded shares of Unity Software from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Zacks Research downgraded shares of Unity Software from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 13th. Morgan Stanley increased their target price on Unity Software from $25.00 to $40.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Finally, JMP Securities lifted their target price 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. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Unity Software presently has an average rating of "Hold" and a consensus target price of $32.65.

Unity Software Stock Down 2.3%

Shares of NYSE U traded down $0.86 during midday trading on Tuesday, reaching $36.67. The company's stock had a trading volume of 2,670,216 shares, compared to its average volume of 12,202,729. The stock has a 50 day simple moving average of $39.54 and a 200-day simple moving average of $29.27. Unity Software has a fifty-two week low of $15.33 and a fifty-two week high of $46.94. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $15.49 billion, a price-to-earnings ratio of -34.56 and a beta of 2.32.

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

Insider Buying and Selling

In related news, SVP Anirma Gupta sold 2,296 shares of Unity Software stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $43.99, for a total transaction of $101,001.04. Following the completion of the transaction, the senior vice president directly owned 628,453 shares of the company's stock, valued at $27,645,647.47. This trade represents a 0.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Tomer Bar-Zeev sold 250,000 shares of the firm's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $39.83, for a total transaction of $9,957,500.00. Following the sale, the director directly owned 1,548,146 shares in the company, valued at approximately $61,662,655.18. The trade was a 13.90% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,334,426 shares of company stock worth $98,130,784 in the last ninety days. 3.61% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Unity Software

Several institutional investors have recently bought and sold shares of the stock. CX Institutional purchased a new position in Unity Software during the second quarter worth $25,000. Atlantic Union Bankshares Corp acquired a new stake in Unity Software in the second quarter worth about $28,000. Cornerstone Planning Group LLC increased its position in shares of Unity Software by 30,300.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 1,216 shares of the company's stock valued at $25,000 after acquiring an additional 1,212 shares during the period. Roxbury Financial LLC acquired a new stake in shares of Unity Software in the third quarter worth $60,000. Finally, Banque Transatlantique SA acquired a new position in shares of Unity Software in the 1st quarter valued at about $28,000. 73.46% of the stock is owned by hedge funds and other institutional investors.

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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