Citigroup Boosts Unity Software (NYSE:U) Price Target to $50.00

Unity Software (NYSE:U) had its price objective lifted by Citigroup from $44.00 to $50.00 in a research report report published on Wednesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

U has been the subject of a number of other reports. Hsbc Global Res downgraded Unity Software from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Barclays lifted their price target on Unity Software from $25.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 7th. Bank of America began coverage on Unity Software in a research note on Thursday, June 26th. They issued an “underperform” rating and a $15.00 price target for the company. Zacks Research cut shares of Unity Software from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 13th. Finally, JMP Securities raised their target price on shares of Unity Software from $30.00 to $35.00 and gave the stock a “market outperform” rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $32.05.

Unity Software Trading Down 3.2%

Shares of U opened at $37.85 on Wednesday. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $15.99 billion, a P/E ratio of -35.71 and a beta of 2.32. The stock’s fifty day simple moving average is $39.46 and its 200 day simple moving average is $29.05. Unity Software has a twelve month low of $15.33 and a twelve month high of $46.94.

Unity Software (NYSE:U) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.01). Unity Software had a negative net margin of 24.38% and a negative return on equity of 13.59%. The company had revenue of $440.94 million during the quarter, compared to analyst estimates of $425.18 million. During the same quarter in the prior year, the company posted ($0.32) earnings per share. The firm’s revenue for the quarter was down 1.9% on a year-over-year basis. On average, equities research analysts forecast that Unity Software will post -1.25 earnings per share for the current year.

Insider Activity

In other news, Director Tomer Bar-Zeev sold 250,000 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $39.83, for a total transaction of $9,957,500.00. Following the completion of the transaction, the director owned 1,548,146 shares of the company’s stock, valued at approximately $61,662,655.18. This represents a 13.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Shlomo Dovrat sold 50,000 shares of the company’s stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $30.01, for a total transaction of $1,500,500.00. Following the transaction, the director directly owned 189,089 shares of the company’s stock, valued at $5,674,560.89. This represents a 20.91% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,334,426 shares of company stock worth $98,130,784. Insiders own 3.61% of the company’s stock.

Institutional Trading of Unity Software

A number of institutional investors and hedge funds have recently added to or reduced their stakes in U. Vanguard Group Inc. grew its stake in Unity Software by 5.9% during the first quarter. Vanguard Group Inc. now owns 32,964,521 shares of the company’s stock worth $645,775,000 after buying an additional 1,841,486 shares during the last quarter. Slate Path Capital LP grew its stake in shares of Unity Software by 25.4% during the second quarter. Slate Path Capital LP now owns 20,016,952 shares of the company’s stock valued at $484,410,000 after purchasing an additional 4,048,484 shares during the last quarter. Atreides Management LP grew its stake in shares of Unity Software by 146.7% during the first quarter. Atreides Management LP now owns 9,430,955 shares of the company’s stock valued at $184,752,000 after purchasing an additional 5,607,572 shares during the last quarter. Norges Bank bought a new stake in shares of Unity Software during the second quarter valued at approximately $151,221,000. Finally, Geode Capital Management LLC grew its stake in shares of Unity Software by 0.7% during the second quarter. Geode Capital Management LLC now owns 5,064,703 shares of the company’s stock valued at $122,587,000 after purchasing an additional 36,105 shares during the last quarter. Institutional investors own 73.46% of the company’s stock.

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.