Unity Software Inc. (NYSE:U – Get Free Report) shares rose 8.6% in midday trading on Friday after the company reported better-than-expected quarterly results. The stock rose as high as $16.11 and was last seen at $15.60. 3,410,208 shares changed hands during trading, a 64% decline from the average session volume of 9,571,104 shares. The stock had previously closed at $14.36.
The company reported earnings per share (EPS) of -$0.32 for the quarter, beating the consensus estimate of -$0.44 by $0.12. Unity Software had a negative return on equity of 7.73% and a negative net margin of 40.11%. The company posted revenue of $449.30 million during the quarter, compared to the consensus estimate of $438.37 million. During the same period last year, the company posted an earnings per share of -$0.26. The company’s quarterly revenue declined by 15.8% compared to the same quarter last year.
Changes in analyst ratings
U has been the subject of several analyst reports. Barclays lowered their price target on shares of Unity Software from $28.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday, May 10. Macquarie lowered their price target on shares of Unity Software from $14.00 to $12.00 and gave the stock an “underperform” rating in a report on Friday. Benchmark lowered its price target on shares of Unity Software from $16.00 to $10.00 and gave the stock a “sell” rating in a research report on Friday. The Goldman Sachs Group lowered its price target on shares of Unity Software from $26.00 to $22.50 and gave the stock a “neutral” rating in a report on Friday. Finally, Wedbush lowered their price target on shares of Unity Software from $33.50 to $21.00 and gave the stock an “outperform” rating in a research report on Friday. Two equities analysts have rated the stock a “sell,” eleven have given a “hold” rating and seven have given a “buy” rating. The company currently has a consensus rating of “hold” and a consensus price target of $26.46, according to MarketBeat.com.
Check out our latest analysis on U
Insider transactions at Unity Software
In related news, SVP Anirma Gupta sold 1,506 shares of the company’s stock in a transaction that occurred on Monday, July 29. The shares were sold at an average price of $16.73, for a total value of $25,195.38. Following the sale, the senior vice president now directly owns 409,540 shares of the company’s stock, valued at approximately $6,851,604.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Unity Software news, SVP Felix The sold 10,752 shares of Unity Software stock in a transaction that occurred on Tuesday, May 28. The shares were sold at an average price of $19.10, for a total value of $205,363.20. Following the transaction, the senior vice president now owns 283,196 shares of the company’s stock, valued at $5,409,043.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Anirma Gupta sold 1,506 shares of the company’s stock in a transaction dated Monday, July 29. The shares were sold at an average price of $16.73, for a total value of $25,195.38. Following the sale, the senior vice president now owns 409,540 shares of the company’s stock, valued at $6,851,604.20. The disclosure regarding this sale can be found here. During the last quarter, insiders sold 245,005 shares of the company’s stock, valued at $4,798,048. 6.30% of the shares are owned by insiders.
Institutional investors comment on Unity Software
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Unity Software by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 26,336,775 shares of the company’s stock valued at $703,192,000 after purchasing an additional 208,566 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Unity Software by 30.4% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,909,509 shares of the company’s stock valued at $317,984,000 after purchasing an additional 2,777,884 shares in the last quarter. Nikko Asset Management Americas Inc. increased its holdings in shares of Unity Software by 32.6% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 11,326,547 shares of the company’s stock valued at $302,419,000 after purchasing an additional 2,787,058 shares in the last quarter. Norges Bank acquired a new stake in shares of Unity Software in the fourth quarter valued at $379,180,000. Finally, Capital Research Global Investors increased its stake in Unity Software by 18.7% in the first quarter. Capital Research Global Investors now owns 8,524,448 shares of the company’s stock valued at $227,603,000 after purchasing an additional 1,342,787 shares during the same period. Institutional investors own 73.46% of the company’s stock.
Unity Software share price rises by 8.2%
The company has a 50-day moving average price of $16.33 and a 200-day moving average price of $23.20. The company has a market cap of $6.07 billion, a P/E ratio of -6.94 and a beta of 2.25. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.15 and a quick ratio of 2.15.
About Unity Software
(Get free report)
Unity Software Inc operates a real-time 3D development platform. The platform provides software solutions for creating, running and monetizing real-time interactive 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 in North America, Denmark, Finland, the United Kingdom, Germany, Japan, China, Singapore and South Korea, and indirectly through independent distributors and resellers worldwide.
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