Needham & Company LLC Reaffirms “Buy” Rating for Unity Software (NYSE:U)

Unity Software (NYSE:U)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a research note issued to investors on Friday,Benzinga reports. They currently have a $35.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 105.11% from the company’s previous close.

A number of other brokerages have also recently weighed in on U. Bank of America raised shares of Unity Software from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $18.00 to $19.00 in a research report on Tuesday, March 3rd. BTIG Research cut their price objective on Unity Software from $60.00 to $41.00 and set a “buy” rating on the stock in a research report on Thursday, February 12th. Piper Sandler upgraded Unity Software from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $43.00 to $59.00 in a research note on Thursday, December 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Unity Software in a research report on Wednesday, January 21st. Finally, Benchmark reiterated a “hold” rating on shares of Unity Software in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.83.

Unity Software Trading Down 4.1%

NYSE U opened at $17.06 on Friday. The firm has a market capitalization of $7.39 billion, a price-to-earnings ratio of -17.78, a PEG ratio of 9.55 and a beta of 2.14. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.84 and a current ratio of 1.84. Unity Software has a one year low of $15.33 and a one year high of $52.15. The company’s 50 day moving average price is $24.77 and its 200 day moving average price is $35.99.

Unity Software (NYSE:U) last released its quarterly earnings data on Wednesday, February 11th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.04. Unity Software had a negative net margin of 21.77% and a negative return on equity of 4.76%. The company had revenue of $503.09 million during the quarter, compared to the consensus estimate of $490.64 million. During the same period in the previous year, the firm earned ($0.30) earnings per share. Unity Software’s revenue for the quarter was up 10.1% on a year-over-year basis. On average, sell-side analysts predict that Unity Software will post -1.25 EPS for the current year.

Insider Buying and Selling at Unity Software

In related news, COO Alexander Blum sold 10,164 shares of the business’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $18.07, for a total value of $183,663.48. Following the transaction, the chief operating officer owned 550,966 shares in the company, valued at approximately $9,955,955.62. The trade was a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Mark Barrysmith sold 10,578 shares of the stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $18.07, for a total value of $191,144.46. Following the completion of the transaction, the chief accounting officer directly owned 383,901 shares of the company’s stock, valued at $6,937,091.07. This represents a 2.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 41,684 shares of company stock valued at $773,350 in the last ninety days. Insiders own 3.61% of the company’s stock.

Institutional Investors Weigh In On Unity Software

Hedge funds and other institutional investors have recently bought and sold shares of the business. REAP Financial Group LLC acquired a new position in shares of Unity Software in the 4th quarter valued at approximately $28,000. Root Financial Partners LLC acquired a new stake in shares of Unity Software during the third quarter worth approximately $27,000. V Square Quantitative Management LLC acquired a new stake in shares of Unity Software during the fourth quarter worth approximately $30,000. Larson Financial Group LLC increased its stake in shares of Unity Software by 88.1% in the third 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, International Assets Investment Management LLC bought a new stake in shares of Unity Software in the fourth quarter worth $36,000. 73.46% of the stock is currently owned by hedge funds and other institutional investors.

About Unity Software

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.