Unity Software (NYSE:U) Price Target Raised to $48.00

Unity Software (NYSE:U) had its target price increased by equities researchers at Citigroup from $40.00 to $48.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 13.45% from the company’s previous close.

U has been the topic of a number of other research reports. UBS Group restated an “outperform” rating on shares of Unity Software in a research note on Friday. Needham & Company LLC increased their price target on Unity Software from $40.00 to $54.00 and gave the company a “buy” rating in a research report on Friday. Benchmark raised Unity Software from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Friday. Wedbush upped their price objective on Unity Software from $32.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. Finally, Bank of America raised Unity Software from a “neutral” rating to a “buy” rating and raised their target price for the company from $30.00 to $50.00 in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Unity Software presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.16.

Unity Software Stock Down 1.6%

Shares of U traded down $0.69 during trading hours on Monday, reaching $42.31. 3,628,364 shares of the stock traded hands, compared to its average volume of 13,509,037. Unity Software has a 52 week low of $16.78 and a 52 week high of $52.15. The company has a market cap of $18.62 billion, a price-to-earnings ratio of -31.08, a PEG ratio of 5.09 and a beta of 2.04. The stock has a fifty day simple moving average of $30.15 and a 200 day simple moving average of $26.58. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.56.

Insider Activity at Unity Software

In other news, SVP Rebecca Berenice Boyden sold 952 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $27.20, for a total value of $25,894.40. Following the completion of the transaction, the senior vice president directly owned 309,445 shares of the company’s stock, valued at $8,416,904. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jarrod Yahes sold 24,021 shares of Unity Software stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $27.18, for a total value of $652,890.78. Following the completion of the transaction, the chief financial officer owned 704,360 shares of the company’s stock, valued at approximately $19,144,504.80. This trade represents a 3.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 198,321 shares of company stock worth $5,390,783 in the last ninety days. Insiders own 0.77% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its holdings in shares of Unity Software by 58.7% in the third quarter. Wellington Management Group LLP now owns 18,213,875 shares of the company’s stock worth $729,284,000 after buying an additional 6,734,285 shares during the period. Norges Bank bought a new position in Unity Software during the 4th quarter worth approximately $230,285,000. Renaissance Technologies LLC purchased a new position in Unity Software in the 1st quarter worth approximately $54,534,000. Duquesne Family Office LLC bought a new stake in Unity Software in the second quarter valued at approximately $42,932,000. Finally, Dimensional Fund Advisors LP lifted its position in Unity Software by 52.8% in the first quarter. Dimensional Fund Advisors LP now owns 4,245,014 shares of the company’s stock valued at $93,089,000 after purchasing an additional 1,465,962 shares during the last quarter. Institutional investors own 73.46% of the company’s stock.

More Unity Software News

Here are the key news stories impacting Unity Software this week:

• Positive Sentiment: Better-than-expected Q2 results: Unity reported second-quarter revenue of $546.5 million, up 23.9% year over year, while non-GAAP earnings of $0.28 per share exceeded consensus estimates by 12.4%. The results suggest improving execution and demand for Unity’s software platform. U Q2 Deep Dive: AI-Powered Platform Drives Revenue, Margin Expansion, and Strategic Partnerships
• Positive Sentiment: AI and advertising momentum: The company’s Vector advertising platform is gaining traction, helping support stronger revenue, margins and investor confidence in Unity’s artificial-intelligence strategy. Its results and revenue outlook also beat expectations. Unity Software Shares Rally After Revenue Outlook, Results Beat Estimates
• Positive Sentiment: Analyst sentiment improved: Bank of America, HSBC and Benchmark upgraded Unity, while multiple firms raised their price targets to ranges between $45 and $55. The revisions indicate that analysts see additional upside after the earnings beat. Unity Software Upgraded at Bank of America Unity Software Upgraded at HSBC
• Positive Sentiment: Jefferies and Needham maintained Buy ratings, reinforcing the view that Unity’s earnings and AI-related growth have improved its investment outlook. Jefferies Sticks to Their Buy Rating for Unity Software
• Neutral Sentiment: Unity CEO Matthew Bromberg was appointed to Jersey Mike’s board. The appointment highlights his experience in technology and consumer businesses but is unlikely to materially affect Unity’s near-term financial results. Jersey Mike’s Appoints Matt Bromberg to Board of Directors

Unity Software Company Profile

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.