Insider Selling: Udemy, Inc. (NASDAQ:UDMY) Major Shareholder Sells 3,200,000 Shares of Stock

Udemy, Inc. (NASDAQ:UDMY) major shareholder Ltd Naspers sold 3,200,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was 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 directly owns 13,920,840 shares in the company, valued at approximately $109,139,385.60. This represents a 18.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Udemy Trading Down 4.9 %

NASDAQ:UDMY opened at $7.44 on Thursday. Udemy, Inc. has a 52-week low of $6.67 and a 52-week high of $14.74. The business’s fifty day moving average is $8.16 and its 200 day moving average is $8.09.

Udemy (NASDAQ:UDMY) last posted its earnings results on Tuesday, October 29th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.01 by $0.06. Udemy had a negative return on equity of 29.36% and a negative net margin of 12.33%. The business had revenue of $195.42 million during the quarter, compared to analysts’ expectations of $192.69 million. During the same period in the previous year, the business earned ($0.10) earnings per share. The firm’s revenue was up 5.8% on a year-over-year basis. Research analysts forecast that Udemy, Inc. will post -0.47 earnings per share for the current year.

Hedge Funds Weigh In On Udemy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in UDMY. Sea Cliff Partners Management LP grew its position in Udemy by 27.9% during the second quarter. Sea Cliff Partners Management LP now owns 3,725,865 shares of the company’s stock worth $32,154,000 after buying an additional 811,702 shares in the last quarter. Summit Trail Advisors LLC grew its position in Udemy by 939.8% during the third quarter. Summit Trail Advisors LLC now owns 366,795 shares of the company’s stock worth $2,729,000 after buying an additional 331,521 shares in the last quarter. Verition Fund Management LLC purchased a new position in Udemy during the third quarter worth about $1,630,000. Algert Global LLC boosted its holdings in shares of Udemy by 150.8% in the 2nd quarter. Algert Global LLC now owns 238,672 shares of the company’s stock worth $2,060,000 after purchasing an additional 143,498 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Udemy by 106.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 242,791 shares of the company’s stock worth $1,806,000 after purchasing an additional 125,235 shares in the last quarter. 79.48% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on UDMY shares. Morgan Stanley cut Udemy from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $10.00 to $7.50 in a research report on Friday, September 27th. Cantor Fitzgerald lowered their target price on Udemy from $18.00 to $11.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Udemy in a research note on Friday, January 17th. Finally, Scotiabank began coverage on Udemy in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $10.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $10.92.

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.