Udemy (NASDAQ:UDMY) Price Target Raised to $9.00

Udemy (NASDAQ:UDMY - Free Report) had its price target upped by Morgan Stanley from $7.50 to $9.00 in a report issued on Thursday,Benzinga reports. Morgan Stanley currently has an underweight rating on the stock.

Several other research analysts have also issued reports on the stock. Needham & Company LLC restated a "buy" rating and set a $11.00 price target on shares of Udemy in a report on Friday, February 14th. Scotiabank started 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. Canaccord Genuity Group lifted their price objective on shares of Udemy from $12.00 to $14.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Finally, Cantor Fitzgerald lowered 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Udemy has a consensus rating of "Moderate Buy" and a consensus target price of $10.95.

Udemy Price Performance

NASDAQ UDMY traded down $0.02 during trading hours on Thursday, reaching $9.78. The company's stock had a trading volume of 1,779,922 shares, compared to its average volume of 1,081,415. The firm has a fifty day simple moving average of $8.23 and a 200-day simple moving average of $8.06. The stock has a market cap of $1.43 billion, a P/E ratio of -17.16 and a beta of 1.85. Udemy has a 52 week low of $6.67 and a 52 week high of $11.65.

Udemy (NASDAQ:UDMY - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.10). The business had revenue of $199.94 million during the quarter, compared to the consensus estimate of $194.70 million. Udemy had a negative net margin of 10.84% and a negative return on equity of 26.50%. On average, research analysts expect that Udemy will post -0.15 earnings per share for the current year.

Insider Transactions at Udemy

In related news, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $8.71, for a total transaction of $87,100.00. Following the completion of the transaction, the chief executive officer now owns 1,183,086 shares in the company, valued at approximately $10,304,679.06. This represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Eren Bali sold 69,482 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $9.00, for a total transaction of $625,338.00. Following the transaction, the chief technology officer now owns 2,156,050 shares of the company's stock, valued at approximately $19,404,450. The trade was a 3.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,294,322 shares of company stock worth $25,946,018 in the last quarter. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Udemy

Institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC lifted its holdings in Udemy by 360.6% during the third quarter. Barclays PLC now owns 155,719 shares of the company's stock valued at $1,158,000 after purchasing an additional 121,911 shares during the last quarter. Verition Fund Management LLC purchased a new stake in Udemy during the third quarter valued at about $1,630,000. Algert Global LLC lifted its holdings in Udemy by 45.0% during the third quarter. Algert Global LLC now owns 346,062 shares of the company's stock valued at $2,575,000 after purchasing an additional 107,390 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Udemy by 106.5% during 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 last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Udemy by 26.2% during the third 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. Institutional investors own 79.48% of the company's stock.

About Udemy

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.