Unity Software’s (U) Outperform Rating Reiterated at Wedbush

Unity Software (NYSE:U)‘s stock had its “outperform” rating restated by stock analysts at Wedbush in a research note issued to investors on Friday,Benzinga reports. They currently have a $30.00 target price on the stock. Wedbush’s price target suggests a potential upside of 53.59% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Arete Research raised Unity Software from a “neutral” rating to a “buy” rating and set a $48.00 target price on the stock in a report on Monday, December 1st. Oppenheimer raised Unity Software from a “market perform” rating to an “outperform” rating and set a $38.00 price objective on the stock in a research note on Tuesday, February 10th. Freedom Capital raised shares of Unity Software to a “strong-buy” rating in a report on Thursday, January 15th. Bank of America raised shares of Unity Software from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $18.00 to $19.00 in a report on Tuesday, March 3rd. Finally, Morgan Stanley increased their price objective on shares of Unity Software from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Unity Software has a consensus rating of “Moderate Buy” and a consensus price target of $39.73.

Unity Software Stock Performance

NYSE:U traded up $0.10 on Friday, hitting $19.53. The stock had a trading volume of 4,725,600 shares, compared to its average volume of 18,401,531. The business’s 50-day simple moving average is $30.01 and its two-hundred day simple moving average is $37.47. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.52. The stock has a market cap 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. Unity Software has a 52-week low of $15.33 and a 52-week high of $52.15.

Unity Software (NYSE:U) last released 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 business had revenue of $503.09 million for the quarter, compared to the consensus estimate of $490.64 million. Unity Software had a negative net margin of 21.77% and a negative return on equity of 4.76%. The company’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the firm earned ($0.30) earnings per share. As a group, research analysts predict that Unity Software will post -1.25 earnings per share for the current year.

Insider Activity

In related news, CFO Jarrod Yahes sold 6,205 shares of the firm’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $21.03, for a total transaction of $130,491.15. Following the completion of the transaction, the chief financial officer directly owned 728,381 shares of the company’s stock, valued at approximately $15,317,852.43. This trade represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Alexander Blum sold 2,541 shares of Unity Software stock in a transaction on Friday, February 27th. The shares were sold at an average price of $18.76, for a total transaction of $47,669.16. Following the completion of the sale, the chief operating officer owned 548,425 shares in the company, valued at approximately $10,288,453. This represents a 0.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 41,684 shares of company stock worth $773,350 over the last quarter. Insiders own 3.61% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Root Financial Partners LLC purchased a new stake in shares of Unity Software in the third quarter worth about $27,000. REAP Financial Group LLC purchased a new position in Unity Software during the 4th quarter valued at approximately $28,000. Larson Financial Group LLC increased its stake in Unity Software by 88.1% in the 3rd quarter. Larson Financial Group LLC now owns 728 shares of the company’s stock worth $29,000 after acquiring an additional 341 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Unity Software in the 4th quarter worth approximately $30,000. Finally, IFP Advisors Inc purchased a new stake in shares of Unity Software during the 3rd quarter worth approximately $33,000. Hedge funds and other institutional investors own 73.46% of the company’s stock.

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.