Needham & Company LLC Reaffirms Buy Rating for Unity Software (NYSE:U)

Unity Software (NYSE:U)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a research report issued on Friday, Benzinga reports. They currently have a $31.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 28.31% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Citigroup lowered their target price on shares of Unity Software from $50.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, February 28th. Stifel Nicolaus raised their price target on Unity Software from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Macquarie cut Unity Software from a “neutral” rating to an “underperform” rating and set a $20.00 price target on the stock. in a research report on Monday, February 12th. Wedbush reaffirmed an “outperform” rating and set a $33.50 price objective on shares of Unity Software in a research report on Thursday, May 2nd. Finally, Piper Sandler raised Unity Software from an “underweight” rating to a “neutral” rating and dropped their target price for the company from $35.00 to $30.00 in a report on Tuesday, February 27th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Unity Software has an average rating of “Hold” and an average price target of $37.03.

Unity Software Trading Up 0.2 %

Shares of NYSE:U opened at $24.16 on Friday. The company has a market cap of $9.32 billion, a PE ratio of -11.19 and a beta of 2.40. The company’s 50 day moving average is $25.72 and its two-hundred day moving average is $30.21. Unity Software has a 52 week low of $22.20 and a 52 week high of $50.08. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 0.85.

Unity Software (NYSE:U) last released its quarterly earnings data on Monday, February 26th. The company reported ($0.66) EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.89). The business had revenue of $609.27 million during the quarter, compared to analysts’ expectations of $551.01 million. Unity Software had a negative net margin of 37.64% and a negative return on equity of 10.14%. The company’s revenue was up 35.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.50) EPS. Equities analysts predict that Unity Software will post -0.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CMO Carol W. Carpenter sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $24.18, for a total value of $48,360.00. Following the transaction, the chief marketing officer now directly owns 442,617 shares in the company, valued at approximately $10,702,479.06. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CMO Carol W. Carpenter sold 2,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $24.18, for a total value of $48,360.00. Following the transaction, the chief marketing officer now owns 442,617 shares of the company’s stock, valued at approximately $10,702,479.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Anirma Gupta sold 1,037 shares of the company’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $24.42, for a total transaction of $25,323.54. Following the sale, the senior vice president now directly owns 386,706 shares of the company’s stock, valued at $9,443,360.52. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 338,917 shares of company stock valued at $9,460,820. 6.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Unity Software

A number of institutional investors have recently added to or reduced their stakes in U. Commonwealth Equity Services LLC lifted its holdings in Unity Software by 4.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 98,440 shares of the company’s stock worth $3,090,000 after buying an additional 3,966 shares during the last quarter. Raymond James & Associates boosted its holdings in Unity Software by 30.8% in the third quarter. Raymond James & Associates now owns 118,426 shares of the company’s stock worth $3,717,000 after purchasing an additional 27,870 shares during the period. Strs Ohio bought a new stake in Unity Software during the third quarter valued at $669,000. TD Asset Management Inc raised its holdings in shares of Unity Software by 7.3% during the third quarter. TD Asset Management Inc now owns 30,258 shares of the company’s stock worth $950,000 after purchasing an additional 2,058 shares during the period. Finally, Psagot Value Holdings Ltd. Israel bought a new position in shares of Unity Software in the 3rd quarter worth about $48,000. Institutional investors and hedge funds own 73.46% of the company’s stock.

About Unity Software

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.