Unity Software (NYSE:U) Given New $55.00 Price Target at Morgan Stanley

Unity Software (NYSE:U) had its target price lifted by analysts at Morgan Stanley from $50.00 to $55.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 17.86% from the stock’s current price.

Several other research analysts have also commented on U. Citizens Jmp raised their price objective on shares of Unity Software from $37.00 to $45.00 and gave the company a “market outperform” rating in a research note on Friday, August 7th. Bank of America raised Unity Software from a “neutral” rating to a “buy” rating and boosted their target price for the company from $30.00 to $50.00 in a report on Friday, August 7th. Citigroup upped their price target on shares of Unity Software from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Weiss Ratings raised Unity Software from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 4th. Finally, Wedbush raised their target price on shares of Unity Software from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Unity Software has a consensus rating of “Moderate Buy” and an average price target of $47.05.

Unity Software Price Performance

Shares of U traded down $0.01 during trading hours on Tuesday, hitting $46.66. 2,357,611 shares of the stock were exchanged, compared to its average volume of 12,747,625. Unity Software has a 12-month low of $16.78 and a 12-month high of $52.15. The company has a market cap of $20.54 billion, a price-to-earnings ratio of -34.29, a price-to-earnings-growth ratio of 2.05 and a beta of 2.11. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.03 and a current ratio of 2.03. The stock’s 50-day moving average price is $43.23 and its two-hundred day moving average price is $32.82.

Unity Software (NYSE:U) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.39. Unity Software had a positive return on equity of 4.64% and a negative net margin of 28.97%. The company had revenue of $546.47 million for the quarter, compared to analyst estimates of $514.72 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. The firm’s revenue for the quarter was up 24.0% compared to the same quarter last year. Research analysts expect that Unity Software will post 0.55 earnings per share for the current year.

Insiders Place Their Bets

In other Unity Software news, SVP Rebecca Boyden sold 1,032 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $45.32, for a total transaction of $46,770.24. Following the transaction, the senior vice president owned 308,413 shares of the company’s stock, valued at $13,977,277.16. This trade represents a 0.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Matthew Bromberg sold 16,383 shares of Unity Software stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $45.31, for a total value of $742,313.73. Following the completion of the transaction, the chief executive officer directly owned 1,541,131 shares in the company, valued at $69,828,645.61. This represents a 1.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 109,547 shares of company stock valued at $4,884,202 in the last quarter. Corporate insiders own 0.77% of the company’s stock.

Hedge Funds Weigh In On Unity Software

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Atreides Management LP bought a new stake in shares of Unity Software in the 2nd quarter worth about $292,826,000. Resolute Advisors LLC increased its holdings in Unity Software by 473.3% in the second quarter. Resolute Advisors LLC now owns 4,766,219 shares of the company’s stock valued at $136,219,000 after buying an additional 3,934,840 shares during the last quarter. Renaissance Technologies LLC bought a new stake in Unity Software in the first quarter valued at about $54,534,000. Avala Global LP acquired a new stake in Unity Software during the second quarter valued at approximately $62,522,000. Finally, Dimensional Fund Advisors LP raised its stake in Unity Software by 52.8% during the first quarter. Dimensional Fund Advisors LP now owns 4,245,014 shares of the company’s stock valued at $93,089,000 after buying an additional 1,465,962 shares in the last quarter. 73.46% of the stock is owned by institutional investors and hedge funds.

Unity Software Company Profile

Unity Software Inc develops software and services for creating, operating and monetizing interactive, real-time 2D and 3D content. Its platform is widely used to build video games for mobile devices, personal computers, consoles and the web, as well as applications for industries such as automotive, architecture, engineering, construction, manufacturing and entertainment.

The company’s core offering is the Unity development platform, which includes tools for graphics, physics, animation, audio, scripting and cross-platform deployment.