Udemy (NASDAQ:UDMY) Earns Buy Rating from Needham & Company LLC

Udemy (NASDAQ:UDMY)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $11.00 target price on the stock. Needham & Company LLC’s target price suggests a potential upside of 39.06% from the company’s current price.

A number of other research analysts also recently issued reports on the company. Canaccord Genuity Group increased their price objective on Udemy from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Morgan Stanley boosted their price objective on shares of Udemy from $7.50 to $9.00 and gave the stock an “underweight” rating in a research report on Thursday, February 20th. Finally, Scotiabank started coverage on Udemy in a report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $10.95.

Udemy Stock Down 1.5 %

UDMY stock opened at $7.91 on Wednesday. Udemy has a twelve month low of $6.67 and a twelve month high of $11.60. The business’s fifty day moving average is $8.57 and its 200-day moving average is $8.23. The company has a market cap of $1.17 billion, a P/E ratio of -13.88 and a beta of 1.76.

Udemy (NASDAQ:UDMY) last posted its earnings results on Thursday, February 13th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). The business had revenue of $199.94 million for the quarter, compared to the consensus estimate of $194.70 million. Udemy had a negative return on equity of 27.93% and a negative net margin of 10.84%. Research analysts anticipate that Udemy will post -0.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $9.43, for a total transaction of $94,300.00. Following the transaction, the chief executive officer now owns 1,141,896 shares of the company’s stock, valued at $10,768,079.28. This represents a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $7.84, for a total value of $25,088,000.00. Following the completion of the sale, the insider now directly owns 13,920,840 shares of the company’s stock, valued at $109,139,385.60. This trade represents a 18.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,294,322 shares of company stock valued at $25,953,218 over the last quarter. 3.20% of the stock is owned by company insiders.

Institutional Trading of Udemy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC lifted its position in shares of Udemy by 360.6% during the 3rd quarter. Barclays PLC now owns 155,719 shares of the company’s stock worth $1,158,000 after buying an additional 121,911 shares in the last quarter. Verition Fund Management LLC bought a new stake in Udemy during the third quarter worth $1,630,000. Algert Global LLC boosted its position in Udemy by 45.0% in the third quarter. Algert Global LLC now owns 346,062 shares of the company’s stock worth $2,575,000 after purchasing an additional 107,390 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Udemy in the 4th quarter valued at $31,000. Finally, JPMorgan Chase & Co. increased its position in shares of Udemy by 26.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 198,387 shares of the company’s stock valued at $1,476,000 after purchasing an additional 41,145 shares during the last quarter. 79.48% of the stock is 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.