Unity Software (NYSE:U) Shares Gap Up Following Analyst Upgrade

Unity Software Inc. (NYSE:U)’s stock price gapped up before the market opened on Thursday after Piper Sandler upgraded the stock from a neutral rating to an overweight rating. The stock had previously closed at $48.98, but opened at $51.10. Piper Sandler now has a $59.00 price target on the stock, up from their previous price target of $43.00. Unity Software shares last traded at $50.7760, with a volume of 3,494,406 shares traded.

A number of other brokerages have also recently commented on U. Wall Street Zen raised Unity Software from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. The Goldman Sachs Group started coverage on shares of Unity Software in a research note on Wednesday, October 15th. They issued a “neutral” rating and a $38.00 target price for the company. Barclays increased their target price on shares of Unity Software from $30.00 to $35.00 and gave the stock an “equal weight” rating in a report on Thursday, November 6th. Citigroup boosted their price target on shares of Unity Software from $50.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, November 11th. Finally, UBS Group raised their price objective on Unity Software from $35.00 to $40.00 and gave the stock a “neutral” rating in a research note on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $43.04.

Insider Activity

In other news, CAO Mark Barrysmith sold 13,684 shares of Unity Software stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $41.38, for a total transaction of $566,243.92. Following the transaction, the chief accounting officer owned 408,886 shares in the company, valued at approximately $16,919,702.68. The trade was a 3.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Tomer Bar-Zeev sold 250,000 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $41.93, for a total value of $10,482,500.00. Following the completion of the sale, the director owned 1,048,146 shares of the company’s stock, valued at $43,948,761.78. The trade was a 19.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,156,658 shares of company stock worth $47,498,475. Company insiders own 3.61% of the company’s stock.

Hedge Funds Weigh In On Unity Software

A number of hedge funds have recently bought and sold shares of U. Wellington Management Group LLP boosted its position in Unity Software by 58.7% during the third quarter. Wellington Management Group LLP now owns 18,213,875 shares of the company’s stock valued at $729,284,000 after acquiring an additional 6,734,285 shares during the last quarter. Norges Bank bought a new position in shares of Unity Software in the 2nd quarter worth about $151,221,000. Atreides Management LP lifted its stake 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 valued at $184,752,000 after purchasing an additional 5,607,572 shares during the period. Slate Path Capital LP lifted its stake in shares of Unity Software by 25.4% in the 2nd quarter. Slate Path Capital LP now owns 20,016,952 shares of the company’s stock valued at $484,410,000 after purchasing an additional 4,048,484 shares during the period. Finally, Massachusetts Financial Services Co. MA bought a new stake in shares of Unity Software during the 3rd quarter valued at about $106,233,000. Institutional investors own 73.46% of the company’s stock.

Unity Software Trading Up 2.4%

The firm has a 50-day moving average of $39.53 and a 200 day moving average of $35.55. The company has a market cap of $21.46 billion, a P/E ratio of -47.92 and a beta of 2.04. The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.70.

Unity Software (NYSE:U) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.03. The firm had revenue of $470.62 million for the quarter, compared to analyst estimates of $452.87 million. Unity Software had a negative return on equity of 9.45% and a negative net margin of 24.15%.The company’s revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.31) earnings per share. On average, analysts predict that Unity Software Inc. will post -1.25 earnings per share for the current fiscal year.

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.