Unity Software (NYSE:U) Shares Gap Down After Analyst Downgrade

Unity Software Inc. (NYSE:U)’s share price gapped down prior to trading on Monday after Wells Fargo & Company lowered their price target on the stock from $27.00 to $22.00. The stock had previously closed at $24.19, but opened at $22.76. Wells Fargo & Company currently has an equal weight rating on the stock. Unity Software shares last traded at $21.80, with a volume of 2,514,524 shares.

Other equities analysts have also recently issued research reports about the stock. Wedbush restated an “outperform” rating and set a $27.00 target price on shares of Unity Software in a research note on Thursday, February 13th. Barclays increased their price objective on shares of Unity Software from $18.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday, February 21st. Needham & Company LLC boosted their price objective on Unity Software from $26.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Benchmark raised shares of Unity Software from a “sell” rating to a “hold” rating in a report on Thursday, February 20th. Finally, UBS Group raised their target price on shares of Unity Software from $21.00 to $23.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Ten analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $25.27.

Insider Activity

In other Unity Software news, Director David Helgason sold 7,860 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $26.45, for a total transaction of $207,897.00. Following the transaction, the director now owns 10,493 shares in the company, valued at approximately $277,539.85. This represents a 42.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Barrysmith sold 1,228 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $24.44, for a total transaction of $30,012.32. Following the transaction, the chief financial officer now directly owns 453,638 shares in the company, valued at approximately $11,086,912.72. The trade was a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 872,397 shares of company stock worth $21,047,619. Insiders own 6.30% of the company’s stock.

Institutional Trading of Unity Software

Several large investors have recently made changes to their positions in the company. US Bancorp DE boosted its stake in Unity Software by 159.7% during the third quarter. US Bancorp DE now owns 13,257 shares of the company’s stock worth $300,000 after buying an additional 8,152 shares during the last quarter. Covestor Ltd boosted its holdings in Unity Software by 678.8% in the 3rd quarter. Covestor Ltd now owns 4,143 shares of the company’s stock valued at $94,000 after purchasing an additional 3,611 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its position in Unity Software by 6.4% during the third quarter. State of New Jersey Common Pension Fund D now owns 111,940 shares of the company’s stock worth $2,532,000 after buying an additional 6,689 shares during the period. Venturi Wealth Management LLC increased its position in Unity Software by 28.7% during the third quarter. Venturi Wealth Management LLC now owns 3,923 shares of the company’s stock worth $89,000 after purchasing an additional 876 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in shares of Unity Software in the 3rd quarter worth $380,000. 73.46% of the stock is currently owned by hedge funds and other institutional investors.

Unity Software Price Performance

The company’s 50-day simple moving average is $22.95 and its 200-day simple moving average is $21.83. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.41 and a quick ratio of 2.41. The company has a market cap of $8.81 billion, a price-to-earnings ratio of -12.80 and a beta of 2.27.

Unity Software (NYSE:U) last issued its quarterly earnings data on Thursday, February 20th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.05. The business had revenue of $457.10 million during 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%. On average, equities research analysts anticipate that Unity Software Inc. will post -1.25 EPS 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.