Unity Software (NYSE:U) Given New $49.00 Price Target at UBS Group

Unity Software (NYSE:U) had its price objective boosted by investment analysts at UBS Group from $48.00 to $49.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. UBS Group‘s price target suggests a potential upside of 24.31% from the company’s previous close.

Several other brokerages also recently commented on U. Wall Street Zen upgraded shares of Unity Software from a “hold” rating to a “buy” rating in a report on Monday, October 12th. Needham & Company LLC upped their price objective on shares of Unity Software from $40.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Bank of America upgraded shares of Unity Software from a “neutral” rating to a “buy” rating and increased their price objective for the company from $30.00 to $50.00 in a research note on Friday, August 7th. Morgan Stanley lifted their target price on shares of Unity Software from $50.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 13th. Finally, HSBC raised Unity Software from a “hold” rating to a “buy” rating and set a $47.10 target price for the company in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Unity Software currently has a consensus rating of “Moderate Buy” and an average target price of $48.86.

Unity Software Stock Down 1.7%

Unity Software stock traded down $0.68 during trading on Wednesday, hitting $39.42. 7,943,330 shares of the company were exchanged, compared to its average volume of 12,523,966. The business’s 50 day moving average is $43.04 and its 200 day moving average is $31.91. Unity Software has a 52 week low of $16.78 and a 52 week high of $52.15. The company has a market capitalization of $17.35 billion, a P/E ratio of -28.98, a PEG ratio of 1.79 and a beta of 2.11. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.55.

Unity Software (NYSE:U) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.39. Unity Software had a positive return on equity of 4.64% and a negative net margin of 28.97%. The business had revenue of $546.47 million for the quarter, compared to analysts’ expectations of $514.72 million. During the same period last year, the business earned $0.18 EPS. The business’s revenue was up 24.0% on a year-over-year basis. Analysts predict that Unity Software will post 0.55 earnings per share for the current year.

Insider Transactions at Unity Software

In other Unity Software news, CEO Matthew Bromberg sold 16,383 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $45.31, for a total transaction of $742,313.73. Following the completion of the transaction, the chief executive officer owned 1,541,131 shares in the company, valued at $69,828,645.61. This trade represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Rebecca Boyden sold 1,032 shares of Unity Software stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $45.32, for a total transaction of $46,770.24. Following the completion of the transaction, the senior vice president owned 308,413 shares of the company’s stock, valued at $13,977,277.16. The trade was a 0.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 109,547 shares of company stock worth $4,884,202. Insiders own 0.77% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Atreides Management LP bought a new stake in Unity Software during the 2nd quarter valued at $292,826,000. Resolute Advisors LLC lifted its position in shares of Unity Software by 473.3% during the second quarter. Resolute Advisors LLC now owns 4,766,219 shares of the company’s stock worth $136,219,000 after acquiring an additional 3,934,840 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Unity Software by 9,886.8% during the third quarter. Assenagon Asset Management S.A. now owns 2,645,007 shares of the company’s stock worth $108,260,000 after acquiring an additional 2,618,522 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Unity Software by 52.8% in the first quarter. Dimensional Fund Advisors LP now owns 4,245,014 shares of the company’s stock worth $93,089,000 after acquiring an additional 1,465,962 shares during the period. Finally, Amundi boosted its holdings in shares of Unity Software by 4.7% in the second quarter. Amundi now owns 2,334,695 shares of the company’s stock worth $66,726,000 after acquiring an additional 105,268 shares during the period. 73.46% of the stock is currently owned by hedge funds and other institutional investors.

Unity Software Company Profile

Unity Software Inc develops software and services for creating, operating and monetizing interactive, real-time content. Its core product is the Unity engine, a development platform used to build video games and experiences for mobile devices, personal computers, consoles, augmented and virtual reality systems, and other platforms.

The company also provides tools and services that support the development and operation of interactive applications, including collaboration and cloud-based development tools, multiplayer and voice communication capabilities, analytics, advertising, and in-app monetization solutions.