Unity Software (NYSE:U) Shares Gap Up - Here's What Happened

Unity Software Inc. (NYSE:U - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $19.44, but opened at $20.63. Unity Software shares last traded at $20.01, with a volume of 2,877,309 shares.

Analysts Set New Price Targets

Several equities analysts have recently commented on U shares. Benchmark upped their price objective on shares of Unity Software from $10.00 to $15.00 and gave the company a "sell" rating in a research note on Friday, November 8th. JMP Securities reaffirmed a "market perform" rating on shares of Unity Software in a research report on Monday, February 3rd. Wells Fargo & Company started coverage on Unity Software in a research report on Monday, October 28th. They issued an "equal weight" rating and a $20.00 target price for the company. Barclays lifted their price target on Unity Software from $16.00 to $18.00 and gave the company an "equal weight" rating in a research report on Friday, November 8th. Finally, Morgan Stanley increased their price objective on Unity Software from $24.00 to $26.00 and gave the stock an "overweight" rating in a report on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Unity Software has a consensus rating of "Hold" and an average price target of $22.81.

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Unity Software Stock Up 4.0 %

The company has a market cap of $8.69 billion, a P/E ratio of -10.57 and a beta of 2.32. The company's 50-day moving average is $22.73 and its two-hundred day moving average is $20.84. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.41 and a quick ratio of 2.41.

Insiders Place Their Bets

In other news, Director Tomer Bar-Zeev sold 166,667 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $20.99, for a total transaction of $3,498,340.33. Following the completion of the sale, the director now owns 3,481,479 shares of the company's stock, valued at $73,076,244.21. This represents a 4.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark Barrysmith sold 1,362 shares of the company's stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $21.91, for a total value of $29,841.42. Following the completion of the sale, the chief accounting officer now owns 452,276 shares of the company's stock, valued at approximately $9,909,367.16. The trade was a 0.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 677,404 shares of company stock valued at $16,572,058. Corporate insiders own 6.30% of the company's stock.

Hedge Funds Weigh In On Unity Software

Several institutional investors have recently bought and sold shares of U. Anderson Financial Strategies LLC purchased a new position in shares of Unity Software in the 4th quarter worth $28,000. R Squared Ltd bought a new stake in Unity Software during the fourth quarter worth approximately $30,000. Principal Securities Inc. lifted its stake in shares of Unity Software by 50.5% in the 4th quarter. Principal Securities Inc. now owns 1,422 shares of the company's stock valued at $32,000 after purchasing an additional 477 shares during the last quarter. Planning Capital Management Corp purchased a new position in shares of Unity Software in the 3rd quarter worth approximately $34,000. Finally, GAMMA Investing LLC increased its position in shares of Unity Software by 33.6% during the 4th quarter. GAMMA Investing LLC now owns 1,636 shares of the company's stock valued at $37,000 after purchasing an additional 411 shares during the last quarter. 73.46% of the stock is owned by hedge funds and other institutional investors.

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.