Needham & Company LLC Lowers Unity Software (NYSE:U) Price Target to $30.00

Unity Software (NYSE:U) had its price target cut by investment analysts at Needham & Company LLC from $33.00 to $30.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 45.21% from the company’s current price.

A number of other brokerages have also commented on U. Morgan Stanley decreased their price target on shares of Unity Software from $32.00 to $25.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. HSBC raised shares of Unity Software from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research report on Friday, February 21st. Citigroup raised Unity Software from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Tuesday, March 11th. Jefferies Financial Group cut their target price on Unity Software from $24.00 to $16.00 and set a “hold” rating on the stock in a research report on Monday, April 7th. Finally, Wedbush reaffirmed an “outperform” rating and set a $31.50 price objective on shares of Unity Software in a report on Wednesday, April 30th. Ten analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Unity Software currently has an average rating of “Moderate Buy” and an average price target of $24.07.

Unity Software Stock Down 3.1 %

Shares of NYSE U opened at $20.66 on Thursday. The company’s fifty day simple moving average is $20.78 and its 200 day simple moving average is $22.00. Unity Software has a 12-month low of $13.90 and a 12-month high of $30.88. The firm has a market cap of $8.58 billion, a PE ratio of -12.30 and a beta of 2.29. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 0.70.

Unity Software (NYSE:U) last issued its earnings results on Thursday, February 20th. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.05. Unity Software had a negative return on equity of 13.40% and a negative net margin of 36.63%. The business had revenue of $457.10 million during the quarter, compared to analyst estimates of $433.47 million. As a group, sell-side analysts forecast that Unity Software will post -1.25 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Tomer Bar-Zeev sold 236,337 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $23.92, for a total value of $5,653,181.04. Following the completion of the sale, the director now directly owns 3,161,809 shares in the company, valued at approximately $75,630,471.28. The trade was a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark Barrysmith sold 1,395 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $21.68, for a total transaction of $30,243.60. Following the sale, the chief accounting officer now owns 450,881 shares of the company’s stock, valued at approximately $9,775,100.08. The trade was a 0.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 782,231 shares of company stock worth $18,033,528. 6.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Unity Software

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its position in shares of Unity Software by 33.6% in the 4th quarter. GAMMA Investing LLC now owns 1,636 shares of the company’s stock worth $37,000 after buying an additional 411 shares during the period. Principal Securities Inc. grew its stake in shares of Unity Software by 50.5% in the fourth quarter. Principal Securities Inc. now owns 1,422 shares of the company’s stock worth $32,000 after acquiring an additional 477 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Unity Software by 3.5% during the 4th quarter. Farther Finance Advisors LLC now owns 14,435 shares of the company’s stock worth $324,000 after acquiring an additional 488 shares during the last quarter. Amalgamated Bank increased its stake in shares of Unity Software by 3.0% in the 1st quarter. Amalgamated Bank now owns 18,132 shares of the company’s stock worth $355,000 after purchasing an additional 525 shares in the last quarter. Finally, Bouvel Investment Partners LLC lifted its stake in Unity Software by 1.7% in the 1st quarter. Bouvel Investment Partners LLC now owns 35,595 shares of the company’s stock worth $697,000 after purchasing an additional 580 shares in the last quarter. Institutional investors own 73.46% of the company’s stock.

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.