Wedbush Forecasts Strong Price Appreciation for Unity Software (NYSE:U) Stock

Unity Software (NYSE:U) had its price objective hoisted by stock analysts at Wedbush from $32.00 to $36.00 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 would suggest a potential upside of 21.16% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Zacks Research raised shares of Unity Software from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. Raymond James Financial started coverage on shares of Unity Software in a report on Monday, June 29th. They issued a “market perform” rating on the stock. Needham & Company LLC boosted their price objective on shares of Unity Software from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Morgan Stanley upped their price objective on Unity Software from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Friday, March 27th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Unity Software in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $37.99.

Unity Software Trading Down 0.3%

Shares of U stock opened at $29.71 on Wednesday. The firm has a market cap of $12.97 billion, a P/E ratio of -18.93, a PEG ratio of 3.61 and a beta of 2.05. Unity Software has a 1-year low of $16.78 and a 1-year high of $52.15. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.95 and a quick ratio of 1.95. The firm’s 50-day simple moving average is $28.50 and its 200-day simple moving average is $27.58.

Insider Transactions at Unity Software

In other Unity Software news, CEO Matthew S. Bromberg sold 138,993 shares of Unity Software stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $27.18, for a total transaction of $3,777,829.74. Following the transaction, the chief executive officer directly owned 1,557,514 shares of the company’s stock, valued at $42,333,230.52. The trade was a 8.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Alexander Blum sold 19,009 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $27.18, for a total transaction of $516,664.62. Following the sale, the chief operating officer owned 730,069 shares of the company’s stock, valued at approximately $19,843,275.42. This represents a 2.54% decrease in their ownership of the stock. 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. Insiders have sold a total of 198,321 shares of company stock valued at $5,390,783 in the last three months. 0.77% of the stock is owned by company insiders.

Institutional Trading of Unity Software

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Unity Software by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 35,553,296 shares of the company’s stock valued at $1,570,389,000 after purchasing an additional 996,685 shares during the period. Wellington Management Group LLP boosted its position in shares of Unity Software by 58.7% in the third quarter. Wellington Management Group LLP now owns 18,213,875 shares of the company’s stock worth $729,284,000 after buying an additional 6,734,285 shares during the period. Geode Capital Management LLC boosted its position in shares of Unity Software by 5.9% in the fourth quarter. Geode Capital Management LLC now owns 5,852,047 shares of the company’s stock worth $258,547,000 after buying an additional 328,595 shares during the period. Norges Bank acquired a new stake in shares of Unity Software in the fourth quarter valued at about $230,285,000. Finally, Ameriprise Financial Inc. grew its stake in shares of Unity Software by 37.8% in the second quarter. Ameriprise Financial Inc. now owns 4,628,328 shares of the company’s stock valued at $112,006,000 after buying an additional 1,270,798 shares in the last quarter. 73.46% of the stock is owned by hedge funds and other institutional investors.

About Unity Software

Unity Software is a leading provider of a real-time 3D development platform that enables creators across industries to design, build and operate interactive, real-time experiences. Originally focused on the game development market, Unity’s technology now extends into sectors such as film, automotive, architecture, engineering and construction, delivering immersive content for mobile, desktop, console, augmented reality and virtual reality devices. The company’s core offering comprises a suite of authoring tools, runtime engines and cloud services that streamline the creation and deployment of interactive 3D applications.

The Unity Editor serves as the central hub where developers design scenes, script behavior and iterate on assets.