William Blair Downgrades Udemy (NASDAQ:UDMY) to Market Perform

Udemy (NASDAQ:UDMY - Get Free Report) was downgraded by equities research analysts at William Blair from an "outperform" rating to a "market perform" rating in a research report issued on Wednesday, MarketBeat Ratings reports.

Other equities research analysts have also recently issued research reports about the stock. Needham & Company LLC reissued a "buy" rating and set a $11.00 target price on shares of Udemy in a report on Wednesday. Canaccord Genuity Group boosted their target price on shares of Udemy from $12.00 to $14.00 and gave the company a "buy" rating in a report on Friday, February 14th. Scotiabank started coverage on shares of Udemy in a report on Thursday, December 5th. They set a "sector outperform" rating and a $10.00 target price on the stock. Finally, Morgan Stanley boosted their price target on shares of Udemy from $7.50 to $9.00 and gave the company an "underweight" rating in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $10.95.

Udemy Trading Up 3.7 %

Shares of NASDAQ:UDMY traded up $0.29 during mid-day trading on Wednesday, reaching $8.20. The company had a trading volume of 1,452,339 shares, compared to its average volume of 900,089. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -14.39 and a beta of 1.76. The company's 50-day moving average price is $8.57 and its 200-day moving average price is $8.23. Udemy has a one year low of $6.67 and a one year high of $11.60.

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Udemy (NASDAQ:UDMY - Get Free Report) last issued its earnings results 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). Udemy had a negative net margin of 10.84% and a negative return on equity of 27.93%. The business had revenue of $199.94 million for the quarter, compared to the consensus estimate of $194.70 million. On average, research analysts anticipate that Udemy will post -0.09 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Eren Bali sold 69,482 shares of the company's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $9.00, for a total value of $625,338.00. Following the completion of the transaction, the chief technology officer now directly owns 2,156,050 shares in the company, valued at approximately $19,404,450. The trade was a 3.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the company's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $7.84, for a total transaction of $25,088,000.00. Following the completion of the transaction, the insider now 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,294,322 shares of company stock worth $25,953,218. Corporate insiders own 3.20% of the company's stock.

Institutional Trading of Udemy

Several hedge funds have recently added to or reduced their stakes in UDMY. Entropy Technologies LP bought a new stake in Udemy in the third quarter worth $178,000. Victory Capital Management Inc. bought a new position in shares of Udemy during the third quarter valued at about $75,000. Royce & Associates LP raised its stake in shares of Udemy by 1.1% during the third quarter. Royce & Associates LP now owns 944,059 shares of the company's stock valued at $7,024,000 after acquiring an additional 10,650 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Udemy during the third quarter valued at about $161,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Udemy by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 761,920 shares of the company's stock valued at $5,669,000 after acquiring an additional 27,959 shares during the last quarter. 79.48% of the stock is owned by institutional investors.

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.