Needham & Company LLC Forecasts Strong Price Appreciation for Unity Software (NYSE:U) Stock

Unity Software (NYSE:U) had its target price raised by investment analysts at Needham & Company LLC from $23.00 to $26.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 15.76% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Stifel Nicolaus lifted their price target on Unity Software from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Oppenheimer reiterated a “market perform” rating on shares of Unity Software in a research note on Friday, October 18th. UBS Group lifted their target price on Unity Software from $15.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Piper Sandler restated a “neutral” rating and issued a $17.00 price target (down from $25.00) on shares of Unity Software in a research note on Friday, August 9th. Finally, Wedbush lifted their price target on Unity Software from $21.00 to $27.00 and gave the company an “outperform” rating in a research note on Monday, September 16th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Unity Software has an average rating of “Hold” and an average price target of $23.96.

Unity Software Stock Performance

Shares of Unity Software stock opened at $22.46 on Friday. The business has a 50-day moving average of $20.22 and a 200 day moving average of $18.97. Unity Software has a 12 month low of $13.90 and a 12 month high of $43.54. The stock has a market capitalization of $8.91 billion, a price-to-earnings ratio of -10.96 and a beta of 2.29. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.36 and a quick ratio of 2.36.

Unity Software (NYSE:U) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.12. The business had revenue of $449.30 million during the quarter, compared to analysts’ expectations of $438.37 million. Unity Software had a negative return on equity of 8.78% and a negative net margin of 38.52%. The business’s quarterly revenue was down 15.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.26) EPS. As a group, sell-side analysts forecast that Unity Software will post -1.86 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director David Helgason sold 250,000 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $20.59, for a total value of $5,147,500.00. Following the completion of the transaction, the director now owns 8,201,851 shares of the company’s stock, valued at approximately $168,876,112.09. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Unity Software news, SVP Felix The sold 30,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $17.89, for a total transaction of $536,700.00. Following the transaction, the senior vice president now owns 423,679 shares of the company’s stock, valued at $7,579,617.31. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David Helgason sold 250,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $20.59, for a total value of $5,147,500.00. Following the sale, the director now owns 8,201,851 shares in the company, valued at $168,876,112.09. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 281,600 shares of company stock worth $5,714,000 over the last three months. 6.30% of the stock is owned by insiders.

Institutional Trading of Unity Software

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Unity Software by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 26,336,775 shares of the company’s stock worth $703,192,000 after purchasing an additional 208,566 shares during the period. Capital Research Global Investors increased its position in Unity Software by 18.7% in the 1st quarter. Capital Research Global Investors now owns 8,524,448 shares of the company’s stock valued at $227,603,000 after acquiring an additional 1,342,787 shares during the period. Capital International Investors increased its position in Unity Software by 426.1% in the 1st quarter. Capital International Investors now owns 7,872,413 shares of the company’s stock valued at $210,193,000 after acquiring an additional 6,376,034 shares during the period. Dimensional Fund Advisors LP increased its position in Unity Software by 9.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,324,694 shares of the company’s stock valued at $37,806,000 after acquiring an additional 200,008 shares during the period. Finally, Van ECK Associates Corp increased its position in Unity Software by 35.0% in the 2nd quarter. Van ECK Associates Corp now owns 1,956,029 shares of the company’s stock valued at $31,805,000 after acquiring an additional 507,274 shares during the period. 73.46% of the stock is currently owned by institutional investors and hedge funds.

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.