Udemy (NASDAQ:UDMY) Stock Price Down 6.3% – What’s Next?

Udemy, Inc. (NASDAQ:UDMY) shares dropped 6.3% on Wednesday . The company traded as low as $8.77 and last traded at $8.58. Approximately 361,899 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 884,215 shares. The stock had previously closed at $9.16.

Analysts Set New Price Targets

Several analysts recently commented on UDMY shares. Canaccord Genuity Group increased their price objective on shares of Udemy from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Scotiabank started coverage on shares of Udemy in a report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 price objective on the stock. William Blair cut shares of Udemy from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Morgan Stanley boosted their price target on shares of Udemy from $7.50 to $9.00 and gave the company an “underweight” rating in a research note on Thursday, February 20th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Udemy in a report on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $10.95.

Udemy Stock Performance

The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of -13.74 and a beta of 1.76. The firm’s fifty day simple moving average is $8.58 and its 200 day simple moving average is $8.24.

Udemy (NASDAQ:UDMY) last announced its earnings results on Thursday, February 13th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). Udemy had a negative return on equity of 27.93% and a negative net margin of 10.84%. The business had revenue of $199.94 million for the quarter, compared to the consensus estimate of $194.70 million. Analysts forecast that Udemy, Inc. will post -0.09 earnings per share for the current year.

Insider Buying and Selling

In other Udemy news, major shareholder Ltd Naspers sold 3,200,000 shares of Udemy stock in a transaction on 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 sale, the insider now directly owns 13,920,840 shares in the company, valued at approximately $109,139,385.60. The trade was a 18.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Eren Bali sold 69,482 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $9.00, for a total transaction of $625,338.00. Following the completion of the transaction, the chief technology officer now directly owns 2,156,050 shares in the company, valued at $19,404,450. This represents a 3.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,294,322 shares of company stock worth $25,953,218. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in UDMY. Barclays PLC raised its stake in shares of Udemy by 360.6% in the 3rd quarter. Barclays PLC now owns 155,719 shares of the company’s stock valued at $1,158,000 after acquiring an additional 121,911 shares during the period. Verition Fund Management LLC purchased a new stake in Udemy in the third quarter valued at approximately $1,630,000. Algert Global LLC boosted its stake in shares of Udemy by 45.0% in the third quarter. Algert Global LLC now owns 346,062 shares of the company’s stock valued at $2,575,000 after purchasing an additional 107,390 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Udemy by 26.2% during the third quarter. JPMorgan Chase & Co. now owns 198,387 shares of the company’s stock valued at $1,476,000 after purchasing an additional 41,145 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Udemy by 0.8% in the third quarter. State Street Corp now owns 1,934,473 shares of the company’s stock valued at $14,392,000 after buying an additional 15,339 shares during the period. Hedge funds and other institutional investors own 79.48% of the company’s stock.

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.