Wells Fargo & Company Forecasts Strong Price Appreciation for Unity Software (NYSE:U) Stock

Unity Software (NYSE:U – Get Free Report) had its price objective increased by stock analysts at Wells Fargo & Company from $48.00 to $53.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 13.59% from the company’s current price.

Several other brokerages have also weighed in on U. Deutsche Bank Aktiengesellschaft raised Unity Software from a “hold” rating to a “buy” rating and raised their target price for the stock from $31.00 to $50.00 in a research report on Friday, August 7th. Needham & Company LLC upped their price target on Unity Software from $40.00 to $54.00 and gave the company a “buy” rating in a report on Friday, August 7th. Wedbush increased their price target on shares of Unity Software from $32.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. Bank of America raised shares of Unity Software from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $30.00 to $50.00 in a report on Friday, August 7th. Finally, Weiss Ratings raised shares of Unity Software from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Unity Software has a consensus rating of “Moderate Buy” and a consensus price target of $47.05.

Check Out Our Latest Stock Analysis on U

Unity Software Stock Down 0.0%

Unity Software stock opened at $46.66 on Monday. The stock has a market cap of $20.53 billion, a PE ratio of -34.31, a P/E/G ratio of 2.04 and a beta of 2.11. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.03 and a quick ratio of 2.03. The stock’s fifty day moving average is $43.46 and its two-hundred day moving average is $33.02. Unity Software has a 1-year low of $16.78 and a 1-year high of $52.15.

Unity Software (NYSE:U – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.39. The business had revenue of $546.47 million during the quarter, compared to analysts’ expectations of $514.72 million. Unity Software had a positive return on equity of 4.64% and a negative net margin of 28.97%. During the same period in the prior year, the firm posted $0.18 EPS. The business’s quarterly revenue was up 24.0% compared to the same quarter last year. On average, sell-side analysts expect that Unity Software will post 0.55 EPS for the current fiscal year.

Insider Transactions at Unity Software

In related news, CEO Matthew S. Bromberg sold 16,383 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $45.31, for a total value of $742,313.73. Following the completion of the sale, the chief executive officer directly owned 1,541,131 shares of the company’s stock, valued at $69,828,645.61. This represents a 1.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $45.32, for a total value of $46,770.24. Following the transaction, the senior vice president owned 308,413 shares in the company, valued at $13,977,277.16. This represents a 0.33% decrease in their position. 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 109,547 shares of company stock worth $4,884,202 over the last three months. 0.77% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Unity Software

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Atreides Management LP purchased a new position in shares of Unity Software during the second quarter worth approximately $292,826,000. Resolute Advisors LLC increased its holdings in shares of Unity Software by 473.3% in the 2nd quarter. Resolute Advisors LLC now owns 4,766,219 shares of the company’s stock valued at $136,219,000 after acquiring an additional 3,934,840 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Unity Software by 52.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,245,014 shares of the company’s stock valued at $93,089,000 after acquiring an additional 1,465,962 shares during the period. Renaissance Technologies LLC purchased a new stake in Unity Software in the 1st quarter valued at $54,534,000. Finally, Amundi raised its position in Unity Software by 4.7% in the 2nd quarter. Amundi now owns 2,334,695 shares of the company’s stock valued at $66,726,000 after purchasing an additional 105,268 shares during the last quarter. Hedge funds and other institutional investors own 73.46% of the company’s stock.

About Unity Software

(Get Free Report)

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.

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