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

Unity Software (NYSE:U) had its price objective boosted by Citigroup from $44.00 to $50.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 27.73% from the company’s previous close.

U has been the subject of a number of other reports. Bank of America assumed coverage on Unity Software in a report on Thursday, June 26th. They issued an “underperform” rating and a $15.00 price target for the company. Hsbc Global Res downgraded Unity Software from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Barclays upped their price objective 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. BTIG Research downgraded Unity Software from a “neutral” rating to a “sell” rating and set a $25.00 price objective for the company. in a research note on Wednesday, July 23rd. Finally, Wells Fargo & Company upped their price objective on Unity Software from $24.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Unity Software presently has a consensus rating of “Hold” and a consensus price target of $32.05.

Unity Software Price Performance

Shares of NYSE U opened at $39.15 on Wednesday. Unity Software has a twelve month low of $15.33 and a twelve month high of $46.94. 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 company has a market capitalization of $16.54 billion, a price-to-earnings ratio of -36.93 and a beta of 2.32. The business has a 50 day simple moving average of $39.35 and a 200-day simple moving average of $28.93.

Unity Software (NYSE:U) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $440.94 million during the quarter, compared to the consensus estimate of $425.18 million. During the same quarter last year, the firm posted ($0.32) earnings per share. Unity Software’s revenue was down 1.9% compared to the same quarter last year. As a group, equities research analysts expect that Unity Software will post -1.25 earnings per share for the current year.

Insider Activity at Unity Software

In other Unity Software news, Director Tomer Bar-Zeev sold 250,000 shares of the business’s stock in a transaction on Wednesday, October 1st. The stock was 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 in the company, valued at approximately $61,662,655.18. The trade was a 13.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David Helgason sold 1,350,000 shares of the business’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $44.43, for a total value of $59,980,500.00. Following the transaction, the director owned 6,139,173 shares of the company’s stock, valued at $272,763,456.39. This trade represents a 18.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,334,426 shares of company stock worth $98,130,784 in the last ninety days. 3.61% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in 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 acquiring an additional 1,841,486 shares during the period. Slate Path Capital LP boosted its position in Unity Software by 25.4% during the 2nd quarter. Slate Path Capital LP now owns 20,016,952 shares of the company’s stock worth $484,410,000 after acquiring an additional 4,048,484 shares during the period. Atreides Management LP boosted its position in Unity Software by 146.7% during the 1st quarter. Atreides Management LP now owns 9,430,955 shares of the company’s stock worth $184,752,000 after acquiring an additional 5,607,572 shares during the period. Norges Bank acquired a new position in Unity Software during the 2nd quarter worth $151,221,000. Finally, Geode Capital Management LLC boosted its position in Unity Software by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 5,064,703 shares of the company’s stock worth $122,587,000 after acquiring an additional 36,105 shares during the period. Institutional investors and hedge funds own 73.46% of the company’s stock.

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.