Udemy’s (UDMY) “Buy” Rating Reiterated at Needham & Company LLC

Udemy (NASDAQ:UDMY)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They currently have a $11.00 price target on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 30.18% from the stock’s previous close.

Several other analysts have also recently commented on the stock. Morgan Stanley cut shares of Udemy from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $10.00 to $7.50 in a research note on Friday, September 27th. Cantor Fitzgerald dropped their price target on Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Finally, Scotiabank began coverage on Udemy in a report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 price target for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $10.92.

Udemy Trading Down 1.2 %

NASDAQ:UDMY opened at $8.45 on Friday. The stock has a 50-day moving average price of $8.20 and a 200 day moving average price of $8.10. The stock has a market capitalization of $1.23 billion, a P/E ratio of -13.41 and a beta of 1.87. Udemy has a 12-month low of $6.67 and a 12-month high of $14.74.

Udemy (NASDAQ:UDMY) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.06. Udemy had a negative net margin of 12.33% and a negative return on equity of 29.36%. The firm had revenue of $195.42 million for the quarter, compared to analysts’ expectations of $192.69 million. During the same quarter last year, the business posted ($0.10) earnings per share. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. On average, research analysts predict that Udemy will post -0.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $8.50, for a total value of $85,000.00. Following the sale, the chief executive officer now directly owns 1,203,727 shares in the company, valued at approximately $10,231,679.50. This represents a 0.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Eren Bali sold 35,518 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $9.00, for a total value of $319,662.00. Following the transaction, the chief technology officer now owns 2,225,532 shares of the company’s stock, valued at approximately $20,029,788. The trade was a 1.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,518 shares of company stock valued at $491,762 over the last three months. 3.20% of the stock is owned by company insiders.

Institutional Trading of Udemy

Several institutional investors and hedge funds have recently made changes to their positions in the business. Sea Cliff Partners Management LP grew its holdings in shares of Udemy by 27.9% in the second quarter. Sea Cliff Partners Management LP now owns 3,725,865 shares of the company’s stock worth $32,154,000 after purchasing an additional 811,702 shares during the last quarter. Summit Trail Advisors LLC grew its stake in Udemy by 939.8% in the 3rd quarter. Summit Trail Advisors LLC now owns 366,795 shares of the company’s stock worth $2,729,000 after acquiring an additional 331,521 shares in the last quarter. Verition Fund Management LLC purchased a new position in shares of Udemy during the third quarter worth approximately $1,630,000. Algert Global LLC raised its stake in shares of Udemy by 150.8% during the second quarter. Algert Global LLC now owns 238,672 shares of the company’s stock valued at $2,060,000 after acquiring an additional 143,498 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Udemy by 106.5% in the third quarter. Assenagon Asset Management S.A. now owns 242,791 shares of the company’s stock valued at $1,806,000 after purchasing an additional 125,235 shares during the period. 79.48% of the stock is currently owned by institutional investors.

Udemy Company Profile

Udemy, Inc, a learning company, that operates a marketplace platform for learning skills in the United States and internationally. The company offers skill acquisition, development, and validation courses for organizations and individuals, through direct-to-consumer or Udemy Business offerings in various languages.