Unity Software (NYSE:U) Trading Up 12.4% Following Analyst Upgrade

Unity Software Inc. (NYSE:U)’s share price traded up 12.4% during trading on Thursday after Wedbush raised their price target on the stock from $31.50 to $39.00. Wedbush currently has an outperform rating on the stock. Unity Software traded as high as $38.60 and last traded at $38.15. 12,867,709 shares were traded during trading, an increase of 8% from the average session volume of 11,869,756 shares. The stock had previously closed at $33.94.

A number of other equities research analysts have also recently commented on the stock. Needham & Company LLC lowered their price objective on shares of Unity Software from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Barclays decreased their price target on shares of Unity Software from $26.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 8th. Bank of America started coverage on shares of Unity Software in a research note on Thursday, June 26th. They set an “underperform” rating and a $15.00 price target on the stock. Wells Fargo & Company raised their price target on shares of Unity Software from $19.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Monday, July 7th. Finally, Jefferies Financial Group raised their price target on shares of Unity Software from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.43.

Insider Transactions at Unity Software

In other Unity Software news, Director David Helgason sold 261,473 shares of Unity Software stock in a transaction on Friday, June 6th. The stock was sold at an average price of $25.70, for a total transaction of $6,719,856.10. Following the completion of the transaction, the director directly owned 7,489,173 shares of the company’s stock, valued at approximately $192,471,746.10. This trade represents a 3.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Shlomo Dovrat sold 50,000 shares of Unity Software stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $30.01, for a total value of $1,500,500.00. Following the transaction, the director directly owned 189,089 shares of the company’s stock, valued at approximately $5,674,560.89. The trade was a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,226,809 shares of company stock valued at $29,913,123 over the last 90 days. Corporate insiders own 3.61% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Cornerstone Planning Group LLC increased its position 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 period. CX Institutional acquired a new stake in Unity Software in the second quarter worth about $25,000. Anderson Financial Strategies LLC acquired a new position in shares of Unity Software during the 4th quarter worth about $28,000. Banque Transatlantique SA acquired a new position in shares of Unity Software during the 1st quarter worth about $28,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Unity Software during the 4th quarter worth about $36,000. 73.46% of the stock is owned by institutional investors.

Unity Software Price Performance

The company has a market capitalization of $15.16 billion, a price-to-earnings ratio of -32.57 and a beta of 2.29. The company has a 50-day moving average price of $24.85 and a 200-day moving average price of $22.80. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.74 and a current ratio of 2.74.

Unity Software (NYSE:U) last posted its earnings results on Wednesday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.19. The company had revenue of $435.00 million during 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%. The company’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.28 EPS. On average, equities research analysts expect that Unity Software Inc. will post -1.25 EPS for the current fiscal year.

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.