JPMorgan Chase & Co. Increases Stake in Udemy, Inc. (NASDAQ:UDMY)

JPMorgan Chase & Co. raised its holdings in shares of Udemy, Inc. (NASDAQ:UDMY) by 26.2% in the third quarter, Holdings Channel reports. The institutional investor owned 198,387 shares of the company’s stock after acquiring an additional 41,145 shares during the period. JPMorgan Chase & Co.’s holdings in Udemy were worth $1,476,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Point72 DIFC Ltd purchased a new stake in shares of Udemy in the third quarter worth $30,000. Ariadne Wealth Management LP purchased a new stake in shares of Udemy in the second quarter worth $67,000. Victory Capital Management Inc. purchased a new stake in shares of Udemy in the third quarter worth $75,000. XTX Topco Ltd purchased a new stake in shares of Udemy in the second quarter worth $93,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Udemy in the third quarter worth $103,000. 79.48% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Udemy

In other news, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $8.50, for a total value of $85,000.00. Following the sale, the chief executive officer now owns 1,203,727 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed through this link. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $7.84, for a total transaction of $25,088,000.00. Following the completion of the sale, the insider now directly owns 13,920,840 shares in the company, valued at approximately $109,139,385.60. This represents a 18.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,255,518 shares of company stock worth $25,579,762 over the last 90 days. 3.20% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Scotiabank assumed coverage on shares of Udemy in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $10.00 price objective for the company. Cantor Fitzgerald reduced their price objective on shares of Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Udemy in a research report on Friday, January 17th. Finally, Morgan Stanley lowered shares of Udemy from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $10.00 to $7.50 in a research report on Friday, September 27th. One investment 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $10.92.

Udemy Stock Up 0.7 %

UDMY stock opened at $7.49 on Friday. Udemy, Inc. has a 52 week low of $6.67 and a 52 week high of $14.74. The company has a fifty day simple moving average of $8.16 and a two-hundred day simple moving average of $8.09. The firm has a market capitalization of $1.09 billion, a P/E ratio of -11.89 and a beta of 1.87.

Udemy (NASDAQ:UDMY) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.07 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 business had revenue of $195.42 million during the quarter, compared to analyst estimates of $192.69 million. During the same quarter last year, the business earned ($0.10) earnings per share. Udemy’s quarterly revenue was up 5.8% compared to the same quarter last year. As a group, analysts anticipate that Udemy, Inc. will post -0.47 EPS for the current year.

Udemy 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.