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

Udemy (NASDAQ:UDMY)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They currently have a $11.00 price objective on the stock. Needham & Company LLC’s target price points to a potential upside of 41.48% from the company’s previous close.

Several other equities analysts have also recently issued reports on UDMY. Morgan Stanley lifted their price target on Udemy from $7.50 to $9.00 and gave the company an “underweight” rating in a research report on Thursday, February 20th. Scotiabank started coverage on Udemy in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 price objective for the company. Finally, Canaccord Genuity Group raised their price objective on Udemy from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.95.

Udemy Stock Performance

Shares of UDMY stock traded down $1.39 during mid-day trading on Wednesday, hitting $7.78. 1,380,556 shares of the stock traded hands, compared to its average volume of 888,428. Udemy has a twelve month low of $6.67 and a twelve month high of $11.65. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -13.77 and a beta of 1.76. The company’s 50-day simple moving average is $8.58 and its 200-day simple moving average is $8.24.

Udemy (NASDAQ:UDMY) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $199.94 million for the quarter, compared to analyst estimates of $194.70 million. Analysts forecast that Udemy will post -0.09 earnings per share for the current year.

Insider Activity at Udemy

In other Udemy news, major shareholder Ltd Naspers sold 3,200,000 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 13,920,840 shares in the company, valued at $109,139,385.60. This trade represents a 18.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gregory Scott Brown sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $9.43, for a total value of $94,300.00. Following the transaction, the chief executive officer now owns 1,141,896 shares in the company, valued at approximately $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. Over the last 90 days, insiders sold 3,294,322 shares of company stock valued at $25,953,218. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Udemy

A number of institutional investors have recently made changes to their positions in the business. MetLife Investment Management LLC increased its stake in shares of Udemy by 6.2% in the fourth quarter. MetLife Investment Management LLC now owns 59,465 shares of the company’s stock worth $489,000 after purchasing an additional 3,450 shares during the period. SBI Securities Co. Ltd. bought a new position in Udemy during the fourth quarter valued at about $31,000. Point72 DIFC Ltd bought a new position in Udemy during the third quarter valued at about $30,000. Quarry LP bought a new position in Udemy during the fourth quarter valued at about $34,000. Finally, Price T Rowe Associates Inc. MD increased its stake in Udemy by 14.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,064 shares of the company’s stock valued at $297,000 after acquiring an additional 4,418 shares during the period. 79.48% of the stock is currently owned by institutional investors.

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.