Unity Software (NYSE:U) Now Covered by Analysts at Bank of America

Bank of America began coverage on shares of Unity Software (NYSE:U) in a research report sent to investors on Thursday, MarketBeat reports. The brokerage issued an underperform rating and a $15.00 price target on the stock.

Other analysts have also issued reports about the company. Needham & Company LLC dropped their price target on Unity Software from $33.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Wall Street Zen upgraded Unity Software from a “hold” rating to a “buy” rating in a research note on Monday, June 9th. Wedbush lowered Unity Software from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, May 7th. Citigroup upgraded Unity Software from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Tuesday, March 11th. Finally, Barclays cut their target price on Unity Software from $26.00 to $25.00 and set an “equal weight” rating for the company in a research note on Thursday, May 8th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $24.47.

Unity Software Stock Down 3.0%

Shares of NYSE:U opened at $23.43 on Thursday. The stock has a market cap of $9.74 billion, a price-to-earnings ratio of -20.92 and a beta of 2.34. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 0.70. Unity Software has a 12-month low of $13.90 and a 12-month high of $30.88. The business’s 50 day moving average is $22.72 and its 200 day moving average is $22.35.

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

Insider Activity at Unity Software

In related news, CAO Mark Barrysmith sold 1,595 shares of the company’s stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $18.43, for a total value of $29,395.85. Following the sale, the chief accounting officer now directly owns 481,822 shares of the company’s stock, valued at $8,879,979.46. This represents a 0.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Tomer Bar-Zeev sold 9,551 shares of the company’s stock in a transaction on Monday, June 9th. The stock was sold at an average price of $25.51, for a total value of $243,646.01. Following the completion of the sale, the director now directly owns 748,099 shares in the company, valued at approximately $19,084,005.49. The trade was a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,294,611 shares of company stock worth $30,506,382 over the last quarter. 3.61% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Unity Software

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC grew its stake in shares of 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 acquiring an additional 1,212 shares during the last quarter. Anderson Financial Strategies LLC purchased a new stake in shares of Unity Software in the fourth quarter worth $28,000. Principal Securities Inc. grew its stake in shares of Unity Software by 50.5% in the fourth quarter. Principal Securities Inc. now owns 1,422 shares of the company’s stock worth $32,000 after acquiring an additional 477 shares during the last quarter. Banque Transatlantique SA purchased a new stake in shares of Unity Software in the first quarter worth $28,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Unity Software in the fourth quarter worth $36,000. 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.