Udemy (NASDAQ:UDMY) Price Target Raised to $14.00

Udemy (NASDAQ:UDMY) had its price objective increased by analysts at Canaccord Genuity Group from $12.00 to $14.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 52.11% from the company’s previous close.

Other research analysts have also issued research reports about the company. Scotiabank began 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. Cantor Fitzgerald dropped 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, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Udemy in a report on Friday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Udemy has a consensus rating of “Moderate Buy” and a consensus price target of $11.08.

Udemy Price Performance

Shares of NASDAQ UDMY opened at $9.20 on Friday. Udemy has a 1-year low of $6.67 and a 1-year high of $12.07. The business’s 50 day moving average is $8.05 and its two-hundred day moving average is $7.99. The stock has a market capitalization of $1.34 billion, a P/E ratio of -14.57 and a beta of 1.85.

Udemy (NASDAQ:UDMY) last announced its 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 12.33% and a negative return on equity of 29.36%. As a group, equities research analysts anticipate that Udemy will post -0.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Udemy news, major shareholder Ltd Naspers sold 3,200,000 shares of the company’s stock in a transaction on 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 completion of the sale, the insider now owns 13,920,840 shares in the company, valued at $109,139,385.60. This 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 company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $8.71, for a total value of $87,100.00. Following the sale, the chief executive officer now owns 1,183,086 shares of the company’s stock, valued at approximately $10,304,679.06. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Udemy

A number of large investors have recently made changes to their positions in the business. Geode Capital Management LLC increased its position in shares of Udemy by 0.3% during the third quarter. Geode Capital Management LLC now owns 2,216,868 shares of the company’s stock worth $16,497,000 after purchasing an additional 5,972 shares in the last quarter. State Street Corp increased its position in shares of Udemy by 0.8% during the third quarter. State Street Corp now owns 1,934,473 shares of the company’s stock worth $14,392,000 after purchasing an additional 15,339 shares in the last quarter. Federated Hermes Inc. increased its position in shares of Udemy by 1,985.5% during the fourth quarter. Federated Hermes Inc. now owns 1,372,593 shares of the company’s stock worth $11,296,000 after purchasing an additional 1,306,778 shares in the last quarter. FMR LLC increased its position in shares of Udemy by 2.8% during the third quarter. FMR LLC now owns 1,330,073 shares of the company’s stock worth $9,896,000 after purchasing an additional 36,380 shares in the last quarter. Finally, Royce & Associates LP increased its position in shares of Udemy by 18.6% during the fourth quarter. Royce & Associates LP now owns 1,119,359 shares of the company’s stock worth $9,212,000 after purchasing an additional 175,300 shares in the last quarter. 79.48% of the stock is 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.