Wedbush Reaffirms Outperform Rating for Unity Software (NYSE:U)

Unity Software (NYSE:U)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Wedbush in a research note issued on Friday,Benzinga reports. They presently have a $30.00 price objective on the stock. Wedbush’s price target would indicate a potential upside of 53.59% from the company’s current price.

Other research analysts have also issued reports about the stock. Piper Sandler upgraded shares of Unity Software from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $43.00 to $59.00 in a research note on Thursday, December 11th. Barclays dropped their price objective on shares of Unity Software from $35.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Unity Software in a report on Wednesday, January 21st. Oppenheimer upgraded shares of Unity Software from a “market perform” rating to an “outperform” rating and set a $38.00 target price for the company in a report on Tuesday, February 10th. Finally, Freedom Capital raised Unity Software to a “strong-buy” rating in a research report on Thursday, January 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $39.73.

Unity Software Stock Up 0.5%

Shares of U traded up $0.10 on Friday, reaching $19.53. The stock had a trading volume of 4,725,600 shares, compared to its average volume of 18,401,531. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.84 and a current ratio of 1.84. Unity Software has a 12-month low of $15.33 and a 12-month high of $52.15. The firm has a market capitalization of $8.46 billion, a price-to-earnings ratio of -20.38, a price-to-earnings-growth ratio of 10.75 and a beta of 2.14. The company has a 50-day simple moving average of $30.01 and a 200-day simple moving average of $37.47.

Unity Software (NYSE:U) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.04. The company had revenue of $503.09 million for the quarter, compared to analysts’ expectations of $490.64 million. Unity Software had a negative return on equity of 4.76% and a negative net margin of 21.77%.The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.30) earnings per share. Sell-side analysts predict that Unity Software will post -1.25 EPS for the current year.

Insiders Place Their Bets

In other Unity Software news, CAO Mark Barrysmith sold 10,578 shares of Unity Software stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $18.07, for a total value of $191,144.46. Following the completion of the transaction, the chief accounting officer directly owned 383,901 shares of the company’s stock, valued at approximately $6,937,091.07. The trade was a 2.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jarrod Yahes sold 12,196 shares of the company’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $18.07, for a total transaction of $220,381.72. Following the completion of the transaction, the chief financial officer owned 533,933 shares in the company, valued at approximately $9,648,169.31. This represents a 2.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 41,684 shares of company stock valued at $773,350. Insiders own 3.61% of the company’s stock.

Institutional Trading of Unity Software

Institutional investors have recently added to or reduced their stakes in the business. Corient Private Wealth LLC raised its stake in shares of Unity Software by 63.2% in the fourth quarter. Corient Private Wealth LLC now owns 17,681 shares of the company’s stock worth $781,000 after purchasing an additional 6,845 shares during the last quarter. Bank of Hawaii bought a new stake in Unity Software in the 4th quarter worth about $872,000. T. Rowe Price Investment Management Inc. raised its position in Unity Software by 41.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,622,445 shares of the company’s stock worth $204,174,000 after buying an additional 1,355,847 shares during the last quarter. Compound Planning Inc. raised its position in Unity Software by 35.6% in the 4th quarter. Compound Planning Inc. now owns 12,764 shares of the company’s stock worth $564,000 after buying an additional 3,354 shares during the last quarter. Finally, Arohi Asset Management PTE Ltd. bought a new position in Unity Software during the 4th quarter valued at about $2,208,000. 73.46% of the stock is currently 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.