Unity Software (NYSE:U) Rating Increased to Strong-Buy at Zacks Research

Unity Software (NYSE:U) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other equities analysts have also issued research reports about the stock. Citigroup reduced their target price on shares of Unity Software from $43.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, April 30th. Barclays boosted their price target on shares of Unity Software from $28.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Piper Sandler assumed coverage on shares of Unity Software in a research report on Tuesday, June 2nd. They set an “overweight” rating and a $40.00 price target for the company. Morgan Stanley raised their price objective on Unity Software from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Friday, March 27th. Finally, Citizens Jmp reiterated a “market outperform” rating and issued a $37.00 price objective on shares of Unity Software in a report on Friday, March 27th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Unity Software has an average rating of “Moderate Buy” and a consensus target price of $37.77.

Unity Software Stock Up 3.5%

Shares of NYSE U opened at $31.76 on Monday. The stock has a market capitalization of $13.86 billion, a P/E ratio of -20.23, a PEG ratio of 3.71 and a beta of 2.05. Unity Software has a one year low of $16.78 and a one year high of $52.15. The firm’s 50 day simple moving average is $28.21 and its two-hundred day simple moving average is $28.11. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.95 and a quick ratio of 1.95.

Insider Buying and Selling

In other Unity Software news, COO Alexander Blum sold 2,099 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $27.37, for a total transaction of $57,449.63. Following the completion of the transaction, the chief operating officer owned 727,970 shares of the company’s stock, valued at $19,924,538.90. This represents a 0.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Rebecca Berenice Boyden sold 952 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $27.20, for a total value of $25,894.40. Following the completion of the sale, the senior vice president owned 309,445 shares of the company’s stock, valued at approximately $8,416,904. This trade represents a 0.31% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 198,321 shares of company stock valued at $5,390,783 over the last ninety days. Corporate insiders own 0.77% of the company’s stock.

Hedge Funds Weigh In On Unity Software

Hedge funds have recently made changes to their positions in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Unity Software by 5.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 813,176 shares of the company’s stock valued at $15,930,000 after acquiring an additional 45,481 shares in the last quarter. Focus Partners Wealth purchased a new stake in shares of Unity Software in the 1st quarter worth about $260,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Unity Software by 28.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,542 shares of the company’s stock worth $134,000 after purchasing an additional 1,241 shares during the period. California Public Employees Retirement System boosted its stake in shares of Unity Software by 11.3% during the 2nd quarter. California Public Employees Retirement System now owns 520,774 shares of the company’s stock valued at $12,603,000 after purchasing an additional 53,015 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in shares of Unity Software by 1,135.6% during the 2nd quarter. Sei Investments Co. now owns 224,715 shares of the company’s stock valued at $5,438,000 after purchasing an additional 206,529 shares in the last quarter. 73.46% of the stock is owned by hedge funds and other institutional investors.

About Unity Software

Unity Software is a leading provider of a real-time 3D development platform that enables creators across industries to design, build and operate interactive, real-time experiences. Originally focused on the game development market, Unity’s technology now extends into sectors such as film, automotive, architecture, engineering and construction, delivering immersive content for mobile, desktop, console, augmented reality and virtual reality devices. The company’s core offering comprises a suite of authoring tools, runtime engines and cloud services that streamline the creation and deployment of interactive 3D applications.

The Unity Editor serves as the central hub where developers design scenes, script behavior and iterate on assets.