Needham & Company LLC reaffirmed their buy rating on shares of Udemy (NASDAQ:UDMY - Free Report) in a research note released on Friday morning,Benzinga reports. The brokerage currently has a $11.00 price target on the stock.
UDMY has been the subject of a number of other reports. Morgan Stanley downgraded Udemy from an "equal weight" rating to an "underweight" rating and cut their target price for the stock from $10.00 to $7.50 in a research report on Friday, September 27th. Scotiabank assumed coverage on Udemy in a report on Thursday, December 5th. They issued a "sector outperform" rating and a $10.00 price objective for the company. Finally, Cantor Fitzgerald decreased their target price on Udemy from $18.00 to $11.00 and set an "overweight" rating for the company in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $10.92.
Check Out Our Latest Research Report on UDMY
Udemy Price Performance
Shares of NASDAQ UDMY traded down $0.10 during midday trading on Friday, reaching $8.45. 526,189 shares of the company traded hands, compared to its average volume of 558,217. The company has a market cap of $1.23 billion, a price-to-earnings ratio of -13.41 and a beta of 1.87. The stock has a 50-day moving average price of $8.20 and a 200 day moving average price of $8.10. Udemy has a 52 week low of $6.67 and a 52 week high of $14.74.
Udemy (NASDAQ:UDMY - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.07 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.06. The company had revenue of $195.42 million for the quarter, compared to the consensus estimate of $192.69 million. Udemy had a negative net margin of 12.33% and a negative return on equity of 29.36%. Udemy's revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.10) EPS. As a group, analysts expect that Udemy will post -0.47 EPS for the current year.
Insider Buying and Selling
In other news, CTO Eren Bali sold 35,518 shares of the firm's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $9.00, for a total value of $319,662.00. Following the completion of the sale, the chief technology officer now owns 2,225,532 shares of the company's stock, valued at $20,029,788. This trade represents a 1.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gregory Scott Brown sold 10,000 shares of Udemy 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 transaction, the chief executive officer now owns 1,203,727 shares in the company, valued at $10,231,679.50. This represents a 0.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 55,518 shares of company stock valued at $491,762. 3.20% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Udemy
Hedge funds have recently bought and sold shares of the business. Sea Cliff Partners Management LP increased its holdings in shares of Udemy by 27.9% in the 2nd quarter. Sea Cliff Partners Management LP now owns 3,725,865 shares of the company's stock valued at $32,154,000 after purchasing an additional 811,702 shares during the period. Geode Capital Management LLC increased its stake in Udemy by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,216,868 shares of the company's stock valued at $16,497,000 after buying an additional 5,972 shares during the period. State Street Corp lifted its position in Udemy by 0.8% in the 3rd quarter. State Street Corp now owns 1,934,473 shares of the company's stock worth $14,392,000 after buying an additional 15,339 shares in the last quarter. FMR LLC boosted its stake in shares of Udemy by 2.8% during the 3rd quarter. FMR LLC now owns 1,330,073 shares of the company's stock valued at $9,896,000 after buying an additional 36,380 shares during the period. Finally, Royce & Associates LP grew its holdings in shares of Udemy by 1.1% during the 3rd 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 in the last quarter. 79.48% of the stock is owned by hedge funds and other institutional investors.
About Udemy
(
Get Free Report)
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.
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