Udemy’s (UDMY) “Buy” Rating Reaffirmed at Needham & Company LLC

Udemy (NASDAQ:UDMY)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They presently have a $11.00 price objective on the stock. Needham & Company LLC’s target price points to a potential upside of 40.66% from the company’s current price.

A number of other analysts have also commented on UDMY. Scotiabank began coverage on shares of Udemy in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 price target for the company. Cantor Fitzgerald decreased their target price on shares of Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $10.92.

Udemy Trading Up 1.3 %

Shares of NASDAQ UDMY opened at $7.82 on Friday. The firm has a market capitalization of $1.14 billion, a P/E ratio of -12.41 and a beta of 1.85. The firm’s 50-day moving average price is $8.05 and its 200-day moving average price is $7.99. Udemy has a 1-year low of $6.67 and a 1-year high of $14.24.

Udemy (NASDAQ:UDMY) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Udemy had a negative return on equity of 29.36% and a negative net margin of 12.33%. Equities research analysts forecast that Udemy will post -0.47 EPS for the current year.

Insider Activity at Udemy

In other Udemy news, major shareholder Ltd Naspers sold 3,200,000 shares of Udemy stock in a transaction dated 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 sale, the insider now owns 13,920,840 shares of the company’s stock, valued at approximately $109,139,385.60. The trade was a 18.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $8.71, for a total transaction of $87,100.00. Following the transaction, the chief executive officer now directly owns 1,183,086 shares of the company’s stock, valued at $10,304,679.06. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Udemy

Several institutional investors and hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC bought a new stake in shares of Udemy in the third quarter valued at $181,000. 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. Harbor Capital Advisors Inc. boosted its position in Udemy by 28.9% during the third quarter. Harbor Capital Advisors Inc. now owns 20,433 shares of the company’s stock worth $152,000 after purchasing an additional 4,581 shares during the period. Entropy Technologies LP purchased a new position in shares of Udemy in the third quarter worth about $178,000. Finally, Victory Capital Management Inc. bought a new stake in shares of Udemy in the third quarter valued at approximately $75,000. 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.