Unity Software (NYSE:U) Shares Down 9.8% Following Analyst Downgrade
Unity Software Inc. (NYSE:U – Get Rating)’s share price dropped 9.8% during trading on Friday after Citigroup lowered their price target on the stock from $125.00 to $71.00. Citigroup currently has a buy rating on the stock. Unity Software traded as low as $37.02 and last traded at $37.25. Approximately 131,345 shares changed hands during trading, a decline of 99% from the average daily volume of 9,255,774 shares. The stock had previously closed at $41.30.
Other equities analysts have also issued reports about the company. Stifel Nicolaus cut their target price on Unity Software from $150.00 to $100.00 in a research report on Wednesday, May 11th. Wedbush lowered their price target on Unity Software from $125.00 to $70.00 in a report on Wednesday, May 11th. Daiwa Capital Markets downgraded Unity Software from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $110.00 to $34.00 in a report on Wednesday, May 11th. The Goldman Sachs Group lowered their price target on Unity Software from $154.00 to $137.00 and set a “buy” rating for the company in a report on Thursday, April 14th. Finally, Credit Suisse Group lowered their price target on Unity Software from $160.00 to $137.00 in a report on Wednesday, May 11th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $114.77.
In related news, SVP Marc Whitten sold 2,283 shares of the firm’s stock in a transaction on Friday, April 1st. The stock was sold at an average price of $98.59, for a total transaction of $225,080.97. Following the completion of the sale, the senior vice president now directly owns 219,897 shares of the company’s stock, valued at approximately $21,679,645.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Carol W. Carpenter sold 8,186 shares of the firm’s stock in a transaction on Thursday, May 26th. The shares were sold at an average price of $38.19, for a total value of $312,623.34. Following the sale, the chief marketing officer now directly owns 221,194 shares of the company’s stock, valued at $8,447,398.86. The disclosure for this sale can be found here. Insiders sold a total of 59,214 shares of company stock valued at $2,507,966 in the last quarter. Corporate insiders own 19.00% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in U. Morgan Stanley grew its stake in shares of Unity Software by 170.7% during the second quarter. Morgan Stanley now owns 9,302,677 shares of the company’s stock worth $1,021,713,000 after purchasing an additional 5,865,923 shares during the period. Clearbridge Investments LLC lifted its holdings in Unity Software by 2,365.2% during the first quarter. Clearbridge Investments LLC now owns 4,420,370 shares of the company’s stock worth $438,545,000 after acquiring an additional 4,241,060 shares in the last quarter. Thrive Capital Management LLC bought a new position in Unity Software during the third quarter worth about $307,805,000. Vanguard Group Inc. lifted its holdings in shares of Unity Software by 17.2% in the first quarter. Vanguard Group Inc. now owns 17,279,116 shares of the company’s stock valued at $1,714,261,000 after purchasing an additional 2,531,507 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Unity Software by 801.6% in the third quarter. Janus Henderson Group PLC now owns 2,227,485 shares of the company’s stock valued at $281,223,000 after purchasing an additional 1,980,428 shares in the last quarter. 75.48% of the stock is owned by institutional investors.
The company has a market capitalization of $10.91 billion, a P/E ratio of -18.00 and a beta of 2.74. The business has a fifty day moving average price of $62.24 and a 200 day moving average price of $98.84. The company has a quick ratio of 3.53, a current ratio of 3.53 and a debt-to-equity ratio of 0.72.
Unity Software (NYSE:U – Get Rating) last released its earnings results on Tuesday, May 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). The business had revenue of $320.13 million for the quarter, compared to the consensus estimate of $321.17 million. Unity Software had a negative return on equity of 20.50% and a negative net margin of 50.40%. Unity Software’s quarterly revenue was up 36.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.38) earnings per share. As a group, equities analysts forecast that Unity Software Inc. will post -1.64 earnings per share for the current year.
Unity Software Company Profile (NYSE:U)
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.
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