Canaccord Genuity Group Issues Positive Forecast for Udemy (NASDAQ:UDMY) Stock Price

Udemy (NASDAQ:UDMY) had its price target lifted by Canaccord Genuity Group from $12.00 to $14.00 in a report published on Friday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other research firms also recently weighed in on UDMY. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of Udemy in a research report on Friday. 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 report on Wednesday, October 30th. Finally, Scotiabank started coverage on Udemy in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 target price for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.08.

Udemy Stock Performance

Shares of UDMY opened at $10.01 on Friday. The business has a fifty day moving average of $8.07 and a 200 day moving average of $7.99. Udemy has a 52-week low of $6.67 and a 52-week high of $12.07.

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

Insider Activity

In other Udemy news, CEO Gregory Scott Brown sold 10,000 shares of Udemy stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $8.71, for a total value of $87,100.00. Following the transaction, the chief executive officer now owns 1,183,086 shares in the company, valued at $10,304,679.06. The trade was a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the transaction, the insider now owns 13,920,840 shares in the company, valued at $109,139,385.60. This trade represents a 18.69 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Udemy

Several institutional investors and hedge funds have recently added to or reduced their stakes in UDMY. Federated Hermes Inc. grew its stake in Udemy by 1,985.5% in the fourth quarter. Federated Hermes Inc. now owns 1,372,593 shares of the company’s stock valued at $11,296,000 after purchasing an additional 1,306,778 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in Udemy in the fourth quarter worth about $4,119,000. Summit Trail Advisors LLC boosted its holdings in Udemy by 939.8% in the third quarter. Summit Trail Advisors LLC now owns 366,795 shares of the company’s stock worth $2,729,000 after acquiring an additional 331,521 shares in the last quarter. Verition Fund Management LLC acquired a new stake in Udemy in the third quarter worth about $1,630,000. Finally, ExodusPoint Capital Management LP acquired a new stake in Udemy in the fourth quarter worth about $1,610,000. Hedge funds and other institutional investors own 79.48% of the company’s stock.

Udemy Company Profile

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.