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

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

Several other research firms have also issued reports on UDMY. Morgan Stanley boosted their target price on Udemy from $7.50 to $9.00 and gave the stock an “underweight” rating in a research report on Thursday, February 20th. Scotiabank started 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. Finally, Canaccord Genuity Group boosted their target price on Udemy from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $10.95.

Udemy Stock Down 15.1 %

UDMY stock traded down $1.39 during trading on Wednesday, hitting $7.78. The company had a trading volume of 1,380,556 shares, compared to its average volume of 888,428. The firm has a 50-day moving average price of $8.58 and a 200-day moving average price of $8.24. Udemy has a 12 month low of $6.67 and a 12 month high of $11.65. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -13.77 and a beta of 1.76.

Udemy (NASDAQ:UDMY) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $199.94 million for the quarter, compared to analyst estimates of $194.70 million. Equities analysts expect that Udemy will post -0.09 EPS for the current year.

Insider Transactions at Udemy

In other news, CEO Gregory Scott Brown sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $9.43, for a total transaction of $94,300.00. Following the sale, the chief executive officer now owns 1,141,896 shares in the company, valued at $10,768,079.28. This represents a 0.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the company’s stock in a transaction that occurred 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 sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 3,294,322 shares of company stock worth $25,953,218 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Barclays PLC increased its holdings in shares of Udemy by 360.6% during the 3rd quarter. Barclays PLC now owns 155,719 shares of the company’s stock worth $1,158,000 after acquiring an additional 121,911 shares during the last quarter. Verition Fund Management LLC acquired a new position in shares of Udemy during the 3rd quarter worth approximately $1,630,000. Algert Global LLC increased its holdings in shares of Udemy by 45.0% during the 3rd quarter. Algert Global LLC now owns 346,062 shares of the company’s stock worth $2,575,000 after acquiring an additional 107,390 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Udemy by 26.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 198,387 shares of the company’s stock worth $1,476,000 after acquiring an additional 41,145 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Udemy by 0.8% during the 3rd quarter. State Street Corp now owns 1,934,473 shares of the company’s stock worth $14,392,000 after acquiring an additional 15,339 shares during 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.