Wells Fargo & Company Forecasts Strong Price Appreciation for Unity Software (NYSE:U) Stock

Unity Software (NYSE:U - Get Free Report) had its price objective upped by analysts at Wells Fargo & Company from $19.00 to $24.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's price target would suggest a potential downside of 10.22% from the stock's current price.

Several other equities research analysts also recently weighed in on the stock. Bank of America assumed coverage on shares of Unity Software in a research report on Thursday, June 26th. They issued an "underperform" rating and a $15.00 target price for the company. Jefferies Financial Group raised shares of Unity Software from a "hold" rating to a "buy" rating and boosted their price objective for the company from $22.00 to $29.00 in a research report on Friday, May 30th. Citizens Jmp raised shares of Unity Software from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 11th. Morgan Stanley lowered 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 report on Thursday, April 17th. Finally, Stifel Nicolaus lowered their price objective on shares of Unity Software from $35.00 to $28.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, Unity Software has a consensus rating of "Moderate Buy" and a consensus target price of $24.80.

Unity Software Stock Up 2.3%

U stock traded up $0.60 during trading on Monday, reaching $26.73. The stock had a trading volume of 16,708,889 shares, compared to its average volume of 11,615,205. Unity Software has a 1-year low of $13.90 and a 1-year high of $30.88. 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 company has a market capitalization of $11.11 billion, a P/E ratio of -23.86 and a beta of 2.29. The firm has a fifty day moving average price of $23.21 and a 200 day moving average price of $22.32.

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

Insiders Place Their Bets

In related news, Director David Helgason sold 261,473 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $25.70, for a total value of $6,719,856.10. Following the completion of the sale, the director owned 7,489,173 shares in the company, valued at approximately $192,471,746.10. This represents a 3.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark Barrysmith sold 13,757 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $21.23, for a total transaction of $292,061.11. Following the completion of the sale, the chief accounting officer owned 466,651 shares of the company's stock, valued at approximately $9,907,000.73. This trade represents a 2.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,127,944 shares of company stock worth $27,166,375 in the last quarter. Corporate insiders own 3.61% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Unity Software by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 32,964,521 shares of the company's stock worth $645,775,000 after purchasing an additional 1,841,486 shares during the last quarter. Capital International Investors boosted its holdings in shares of Unity Software by 10.4% during the 4th quarter. Capital International Investors now owns 18,886,853 shares of the company's stock worth $424,388,000 after buying an additional 1,786,032 shares during the period. Norges Bank bought a new stake in shares of Unity Software during the 4th quarter worth $269,320,000. Atreides Management LP boosted its holdings 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 period. Finally, Geode Capital Management LLC boosted its holdings in shares of Unity Software by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 4,769,609 shares of the company's stock worth $107,208,000 after buying an additional 84,480 shares during the period. Institutional investors and hedge funds own 73.46% of the company's stock.

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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