Unity Software (NYSE:U) Hits New 52-Week High Following Analyst Upgrade

Unity Software Inc. (NYSE:U) reached a new 52-week high during mid-day trading on Monday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock traded as high as $48.56 and last traded at $48.6820, with a volume of 3141700 shares traded. The stock had previously closed at $45.78.

A number of other brokerages have also recently commented on U. Zacks Research cut shares of Unity Software from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 13th. Hsbc Global Res cut Unity Software from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 30th. Deutsche Bank Aktiengesellschaft assumed coverage on Unity Software in a research report on Wednesday, October 22nd. They set a “hold” rating and a $39.00 target price for the company. Wells Fargo & Company upgraded shares of Unity Software from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $42.00 to $51.00 in a research report on Friday, December 5th. Finally, UBS Group increased their price objective on shares of Unity Software from $35.00 to $40.00 and gave the stock a “neutral” rating in a report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $40.05.

Insider Activity

In related news, CFO Jarrod Yahes sold 34,719 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $41.38, for a total transaction of $1,436,672.22. Following the transaction, the chief financial officer directly owned 573,871 shares of the company’s stock, valued at approximately $23,746,781.98. The trade was a 5.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Alexander Blum sold 40,693 shares of the stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $41.38, for a total value of $1,683,876.34. Following the completion of the sale, the chief operating officer owned 563,118 shares in the company, valued at approximately $23,301,822.84. This trade represents a 6.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,156,658 shares of company stock valued at $47,498,475. 3.61% of the stock is owned by insiders.

Institutional Investors Weigh In On Unity Software

A number of hedge funds and other institutional investors have recently modified their holdings of U. US Bancorp DE grew its stake in shares of Unity Software by 110.1% in the first quarter. US Bancorp DE now owns 26,860 shares of the company’s stock valued at $526,000 after acquiring an additional 14,074 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Unity Software by 19.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,936 shares of the company’s stock valued at $175,000 after purchasing an additional 1,439 shares during the period. Vanguard Group Inc. grew its position in shares of Unity Software by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 32,964,521 shares of the company’s stock worth $645,775,000 after purchasing an additional 1,841,486 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Unity Software by 10.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,166,916 shares of the company’s stock worth $42,450,000 after purchasing an additional 208,516 shares in the last quarter. Finally, Aigen Investment Management LP bought a new position in shares of Unity Software during the first quarter worth approximately $488,000. Institutional investors and hedge funds own 73.46% of the company’s stock.

Unity Software Trading Up 1.1%

The company has a debt-to-equity ratio of 0.70, a current ratio of 2.78 and a quick ratio of 2.78. The business’s 50-day moving average price is $39.31 and its two-hundred day moving average price is $35.45. The company has a market capitalization of $21.21 billion, a price-to-earnings ratio of -47.20 and a beta of 2.04.

Unity Software (NYSE:U) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. Unity Software had a negative return on equity of 9.45% and a negative net margin of 24.15%.The business had revenue of $470.62 million for the quarter, compared to the consensus estimate of $452.87 million. During the same quarter in the prior year, the business posted ($0.31) earnings per share. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. Research analysts predict that Unity Software Inc. will post -1.25 earnings per share for the current year.

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.