Udemy (NASDAQ:UDMY) Shares Down 4.4% Following Insider Selling

Udemy, Inc. (NASDAQ:UDMY)’s share price was down 4.4% during trading on Wednesday following insider selling activity. The stock traded as low as $7.46 and last traded at $7.48. Approximately 421,268 shares traded hands during trading, a decline of 35% from the average daily volume of 649,887 shares. The stock had previously closed at $7.82.

Specifically, major shareholder Ltd Naspers sold 3,200,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $7.84, for a total transaction of $25,088,000.00. Following the completion of the transaction, the insider now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on UDMY shares. Morgan Stanley lowered shares of Udemy from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $10.00 to $7.50 in a research note on Friday, September 27th. 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 on the stock. Cantor Fitzgerald reduced their price target on Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Udemy in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $10.92.

Udemy Stock Up 0.7 %

The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -11.97 and a beta of 1.87. The business has a 50-day simple moving average of $8.14 and a two-hundred day simple moving average of $8.07.

Udemy (NASDAQ:UDMY) last released its earnings results on Tuesday, October 29th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $195.42 million for the quarter, compared to analyst estimates of $192.69 million. During the same period in the previous year, the company earned ($0.10) earnings per share. Udemy’s revenue was up 5.8% compared to the same quarter last year. On average, analysts forecast that Udemy, Inc. will post -0.47 EPS for the current year.

Hedge Funds Weigh In On Udemy

A number of hedge funds have recently modified their holdings of UDMY. Sea Cliff Partners Management LP boosted its stake in Udemy by 27.9% in the 2nd quarter. Sea Cliff Partners Management LP now owns 3,725,865 shares of the company’s stock worth $32,154,000 after purchasing an additional 811,702 shares during the period. Summit Trail Advisors LLC boosted its position in shares of 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 buying an additional 331,521 shares during the period. Verition Fund Management LLC purchased a new position in shares of Udemy during the third quarter valued at $1,630,000. Algert Global LLC raised its position in Udemy by 150.8% during the second quarter. Algert Global LLC now owns 238,672 shares of the company’s stock valued at $2,060,000 after buying an additional 143,498 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in 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 acquiring an additional 125,235 shares in the last quarter. 79.48% of the stock is currently owned by institutional investors and hedge funds.

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.