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

Udemy (NASDAQ:UDMY - Get Free Report)'s stock had its "buy" rating reaffirmed by stock analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $11.00 price objective on the stock. Needham & Company LLC's price objective would indicate a potential upside of 34.15% from the company's previous close.

Several other equities research analysts have also recently issued reports on UDMY. Scotiabank started coverage on Udemy in a research note on Thursday, December 5th. They issued a "sector outperform" rating and a $10.00 price target for the company. Morgan Stanley boosted their price target on Udemy from $7.50 to $9.00 and gave the company an "underweight" rating in a research note on Thursday, February 20th. Finally, Canaccord Genuity Group boosted their price target on Udemy from $12.00 to $14.00 and gave the company a "buy" rating in a research note on Friday, February 14th. One 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. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $10.95.

Udemy Trading Up 3.7 %

Shares of NASDAQ:UDMY traded up $0.29 during trading on Wednesday, reaching $8.20. 1,452,339 shares of the stock were exchanged, compared to its average volume of 900,089. Udemy has a 12 month low of $6.67 and a 12 month high of $11.60. The firm has a market cap of $1.21 billion, a PE ratio of -14.39 and a beta of 1.76. The stock has a 50-day moving average price of $8.57 and a 200-day moving average price of $8.23.

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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). Udemy had a negative return on equity of 27.93% and a negative net margin of 10.84%. The firm had revenue of $199.94 million for the quarter, compared to the consensus estimate of $194.70 million. On average, sell-side analysts expect that Udemy will post -0.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Udemy

In other news, major shareholder Ltd Naspers sold 3,200,000 shares of the company's 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gregory Scott Brown sold 10,000 shares of the company's stock in a transaction on Thursday, March 6th. The stock was 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 trade represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,294,322 shares of company stock worth $25,953,218 over the last three months. Corporate insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new position in shares of Udemy during the fourth quarter worth $31,000. Point72 DIFC Ltd acquired a new stake in Udemy in the third quarter valued at $30,000. Quarry LP acquired a new stake in Udemy in the fourth quarter valued at $34,000. Vega Investment Solutions acquired a new stake in Udemy in the fourth quarter valued at $46,000. Finally, State of Wyoming acquired a new stake in Udemy in the fourth quarter valued at $59,000. 79.48% of the stock is currently owned by institutional investors and hedge funds.

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.