Wells Fargo & Company Cuts Unity Software (NYSE:U) Price Target to $19.00

Unity Software (NYSE:U) had its price objective trimmed by Wells Fargo & Company from $22.00 to $19.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

U has been the topic of several other reports. Citigroup raised Unity Software from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Tuesday, March 11th. Wedbush reaffirmed an “outperform” rating and issued a $27.00 target price on shares of Unity Software in a research report on Thursday, February 13th. Jefferies Financial Group dropped their target price on Unity Software from $24.00 to $16.00 and set a “hold” rating on the stock in a research report on Monday. Macquarie assumed coverage on Unity Software in a research report on Monday, March 10th. They issued a “neutral” rating and a $24.00 target price on the stock. Finally, UBS Group increased their target price on Unity Software from $21.00 to $23.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Ten equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $24.54.

Unity Software Stock Performance

U stock opened at $18.98 on Tuesday. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 0.70. The firm has a market cap of $7.77 billion, a P/E ratio of -11.29 and a beta of 2.31. Unity Software has a 12-month low of $13.90 and a 12-month high of $30.88. The stock’s 50 day simple moving average is $21.75 and its 200 day simple moving average is $22.14.

Unity Software (NYSE:U) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.05. The business had revenue of $457.10 million for the quarter, compared to analyst estimates of $433.47 million. Unity Software had a negative return on equity of 13.40% and a negative net margin of 36.63%. As a group, equities research analysts predict that Unity Software will post -1.25 EPS for the current year.

Insider Activity at Unity Software

In related news, CAO Mark Barrysmith sold 1,395 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $21.68, for a total value of $30,243.60. Following the completion of the transaction, the chief accounting officer now owns 450,881 shares in the company, valued at $9,775,100.08. This trade represents a 0.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Tomer Bar-Zeev sold 166,667 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $20.04, for a total value of $3,340,006.68. Following the completion of the transaction, the director now owns 2,981,479 shares of the company’s stock, valued at $59,748,839.16. This trade represents a 5.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 781,903 shares of company stock valued at $17,934,432 over the last 90 days. 6.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Unity Software

Hedge funds and other institutional investors have recently modified their holdings of the stock. Anderson Financial Strategies LLC purchased a new stake in Unity Software in the 4th quarter worth about $28,000. R Squared Ltd acquired a new stake in shares of Unity Software during the 4th quarter valued at about $30,000. Principal Securities Inc. grew its stake in shares of Unity Software by 50.5% in the 4th quarter. Principal Securities Inc. now owns 1,422 shares of the company’s stock valued at $32,000 after buying an additional 477 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Unity Software in the fourth quarter worth approximately $36,000. Finally, GAMMA Investing LLC raised its position in Unity Software by 33.6% during the fourth quarter. GAMMA Investing LLC now owns 1,636 shares of the company’s stock valued at $37,000 after acquiring an additional 411 shares in the last quarter. 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.