Needham & Company LLC Forecasts Strong Price Appreciation for Unity Software (NYSE:U) Stock

Unity Software (NYSE:U) had its price target upped by stock analysts at Needham & Company LLC from $30.00 to $40.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 19.34% from the company’s current price.

Other analysts have also issued reports about the company. Citigroup boosted their target price on Unity Software from $29.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, July 23rd. Wells Fargo & Company upped their price objective on shares of Unity Software from $19.00 to $24.00 and gave the company an “equal weight” rating in a report on Monday, July 7th. UBS Group increased their target price on shares of Unity Software from $22.00 to $33.00 and gave the stock a “neutral” rating in a research report on Thursday, July 17th. BTIG Research lowered shares of Unity Software from a “neutral” rating to a “sell” rating and set a $25.00 price target on the stock. in a research report on Wednesday, July 23rd. Finally, Wedbush restated an “outperform” rating and set a $39.00 price target on shares of Unity Software in a research note on Wednesday, July 30th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $29.85.

Unity Software Price Performance

U opened at $33.52 on Wednesday. Unity Software has a 1 year low of $13.94 and a 1 year high of $38.96. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.74 and a quick ratio of 2.74. The company has a market capitalization of $13.93 billion, a price-to-earnings ratio of -31.62 and a beta of 2.32. The firm’s fifty day moving average price is $28.35 and its two-hundred day moving average price is $23.93.

Unity Software (NYSE:U) last posted its earnings results on Wednesday, August 6th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.01). Unity Software had a negative return on equity of 13.59% and a negative net margin of 24.38%. The firm had revenue of $440.94 million for the quarter, compared to the consensus estimate of $425.18 million. During the same period in the prior year, the business earned ($0.32) EPS. Unity Software’s quarterly revenue was down 1.9% compared to the same quarter last year. As a group, analysts anticipate that Unity Software will post -1.25 earnings per share for the current fiscal year.

Insider Activity

In related news, 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 sale, the director owned 189,089 shares in the company, valued at $5,674,560.89. The trade was a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mark Barrysmith sold 1,011 shares of the business’s stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $32.30, for a total transaction of $32,655.30. Following the transaction, the chief accounting officer directly owned 464,372 shares in the company, valued at approximately $14,999,215.60. The trade was a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,210,142 shares of company stock valued at $31,199,782. Company insiders own 3.61% of the company’s stock.

Institutional Investors Weigh In On Unity Software

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Unity Software by 5.9% in the first 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 period. Capital International Investors lifted its holdings in shares of Unity Software by 10.4% during the fourth quarter. Capital International Investors now owns 18,886,853 shares of the company’s stock valued at $424,388,000 after purchasing an additional 1,786,032 shares during the last quarter. Atreides Management LP boosted its position in shares of Unity Software by 146.7% in the 1st quarter. Atreides Management LP now owns 9,430,955 shares of the company’s stock worth $184,752,000 after purchasing an additional 5,607,572 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Unity Software by 1.8% in 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 last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Unity Software by 89.7% in the 1st quarter. Ameriprise Financial Inc. now owns 3,357,530 shares of the company’s stock worth $65,778,000 after buying an additional 1,587,582 shares during the last quarter. 73.46% of the stock is currently owned by institutional investors.

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.