Piper Sandler Upgrades Unity Software (NYSE:U) to Overweight

Unity Software (NYSE:U) was upgraded by investment analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a report released on Thursday, Marketbeat reports. The firm currently has a $59.00 target price on the stock. Piper Sandler’s target price indicates a potential upside of 14.97% from the stock’s current price.

Several other research analysts also recently issued reports on the stock. UBS Group raised their price objective on shares of Unity Software from $35.00 to $40.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th. Wedbush raised their price target on Unity Software from $50.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, December 2nd. Wells Fargo & Company upgraded Unity Software from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $42.00 to $51.00 in a research report on Friday, December 5th. The Goldman Sachs Group initiated coverage on Unity Software in a research report on Wednesday, October 15th. They set a “neutral” rating and a $38.00 price objective for the company. Finally, Morgan Stanley lifted their target price on Unity Software from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.04.

Unity Software Stock Up 4.8%

Unity Software stock opened at $51.32 on Thursday. The stock has a 50-day simple moving average of $39.53 and a 200-day simple moving average of $35.55. The company has a market capitalization of $21.96 billion, a P/E ratio of -48.73 and a beta of 2.04. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.78 and a current ratio of 2.78. Unity Software has a fifty-two week low of $15.33 and a fifty-two week high of $51.39.

Unity Software (NYSE:U) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. The company 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 firm’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.31) earnings per share. Equities research analysts expect that Unity Software will post -1.25 earnings per share for the current year.

Insiders Place Their Bets

In other Unity Software news, CEO Matthew S. Bromberg sold 41,025 shares of the firm’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $41.38, for a total value of $1,697,614.50. Following the completion of the sale, the chief executive officer owned 1,192,541 shares of the company’s stock, valued at approximately $49,347,346.58. This trade represents a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Alexander Blum sold 1,988 shares of the business’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $42.47, for a total transaction of $84,430.36. Following the sale, the chief operating officer owned 561,130 shares in the company, valued at $23,831,191.10. The trade was a 0.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,156,658 shares of company stock worth $47,498,475. Corporate insiders own 3.61% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in Unity Software by 10.8% in the 3rd quarter. GAMMA Investing LLC now owns 2,967 shares of the company’s stock valued at $119,000 after purchasing an additional 288 shares in the last quarter. Newbridge Financial Services Group Inc. grew its holdings in Unity Software by 12.9% in the third quarter. Newbridge Financial Services Group Inc. now owns 2,696 shares of the company’s stock valued at $108,000 after purchasing an additional 308 shares during the last quarter. Xponance Inc. increased its position in shares of Unity Software by 1.8% in the third quarter. Xponance Inc. now owns 18,291 shares of the company’s stock valued at $732,000 after buying an additional 328 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of Unity Software by 88.1% during the 3rd quarter. Larson Financial Group LLC now owns 728 shares of the company’s stock worth $29,000 after buying an additional 341 shares during the last quarter. Finally, Allworth Financial LP boosted its position in shares of Unity Software by 28.4% in the 2nd quarter. Allworth Financial LP now owns 1,865 shares of the company’s stock worth $45,000 after buying an additional 412 shares in the last quarter. 73.46% of the stock is currently owned by institutional investors and hedge funds.

Unity Software Company Profile

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.