Unity Software (NYSE:U) Given New $55.00 Price Target at Wedbush

Unity Software (NYSE:U) had its target price lifted by Wedbush from $50.00 to $55.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s target price suggests a potential upside of 17.88% from the company’s previous close.

U has been the subject of a number of other reports. Raymond James Financial raised shares of Unity Software from a “market perform” rating to an “outperform” rating and set a $54.00 price target for the company in a research note on Thursday, October 8th. Piper Sandler reiterated an “overweight” rating on shares of Unity Software in a research note on Monday, October 5th. Morgan Stanley boosted their target price on Unity Software from $50.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday. BTIG Research boosted their target price on Unity Software from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, October 9th. Finally, Benchmark upgraded Unity Software from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $48.01.

Unity Software Stock Performance

U stock opened at $46.66 on Wednesday. The company has a 50-day simple moving average of $43.46 and a 200 day simple moving average of $33.02. The company has a market capitalization of $20.53 billion, a P/E ratio of -34.31, a PEG ratio of 2.04 and a beta of 2.11. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.55. Unity Software has a fifty-two week low of $16.78 and a fifty-two week high of $52.15.

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

Insider Buying and Selling at Unity Software

In other news, CFO Jarrod Yahes sold 26,017 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $45.31, for a total transaction of $1,178,830.27. Following the completion of the transaction, the chief financial officer owned 678,343 shares in the company, valued at approximately $30,735,721.33. This trade represents a 3.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible 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 that occurred on 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 directly owned 308,413 shares in the company, valued at $13,977,277.16. This represents a 0.33% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 109,547 shares of company stock valued at $4,884,202 in the last ninety days. 0.77% of the stock is owned by insiders.

Institutional Trading of Unity Software

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Krilogy Financial LLC lifted its stake in Unity Software by 44.9% during the third quarter. Krilogy Financial LLC now owns 27,434 shares of the company’s stock valued at $1,123,000 after purchasing an additional 8,507 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its holdings in Unity Software by 45.9% during the third quarter. NorthCrest Asset Manangement LLC now owns 23,748 shares of the company’s stock worth $972,000 after buying an additional 7,472 shares in the last quarter. Riversedge Advisors LLC acquired a new position in Unity Software in the third quarter worth approximately $331,000. Wedmont Private Capital grew its position in Unity Software by 20.8% in the third quarter. Wedmont Private Capital now owns 21,954 shares of the company’s stock worth $899,000 after buying an additional 3,775 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Unity Software by 31.8% in the third quarter. GAMMA Investing LLC now owns 7,789 shares of the company’s stock worth $319,000 after buying an additional 1,879 shares during the last quarter. 73.46% of the stock is owned by institutional investors and hedge funds.

Unity Software Company Profile

Unity Software Inc develops software and services for creating, operating and monetizing interactive, real-time 2D and 3D content. Its platform is widely used to build video games for mobile devices, personal computers, consoles and the web, as well as applications for industries such as automotive, architecture, engineering, construction, manufacturing and entertainment.

The company’s core offering is the Unity development platform, which includes tools for graphics, physics, animation, audio, scripting and cross-platform deployment.