Udemy (NASDAQ:UDMY) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank assumed coverage on shares of Udemy (NASDAQ:UDMY) in a research note issued to investors on Thursday,Briefing.com Automated Import reports. The firm set a “sector outperform” rating and a $10.00 price target on the stock. Scotiabank’s target price would indicate a potential upside of 17.10% from the company’s current price.

Several other equities research analysts have also issued reports on UDMY. Canaccord Genuity Group began coverage on shares of Udemy in a research note on Thursday, August 8th. They issued a “buy” rating and a $12.00 price objective for the company. Cantor Fitzgerald reduced their price objective on shares of Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Needham & Company LLC reduced their price objective on shares of Udemy from $15.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Canaccord Genuity Group initiated coverage on shares of Udemy in a research note on Thursday, August 8th. They issued a “buy” rating and a $12.00 price objective for the company. Finally, Morgan Stanley lowered shares of Udemy from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $10.00 to $7.50 in a research report on Friday, September 27th. One 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’s stock. According to data from MarketBeat.com, Udemy presently has an average rating of “Moderate Buy” and an average price target of $10.92.

Udemy Stock Up 1.1 %

Udemy stock opened at $8.54 on Thursday. The company’s fifty day simple moving average is $8.00 and its 200-day simple moving average is $8.18. Udemy has a 12 month low of $6.67 and a 12 month high of $16.01. The stock has a market cap of $1.25 billion, a P/E ratio of -13.56 and a beta of 1.91.

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

Insiders Place Their Bets

In related news, CTO Eren Bali sold 35,518 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $9.00, for a total transaction of $319,662.00. Following the completion of the sale, the chief technology officer now directly owns 2,225,532 shares of the company’s stock, valued at $20,029,788. The trade was a 1.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gregory Scott Brown sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $8.50, for a total transaction of $85,000.00. Following the sale, the chief executive officer now directly owns 1,203,727 shares of the company’s stock, valued at approximately $10,231,679.50. This trade represents a 0.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Udemy

Institutional investors and hedge funds have recently modified their holdings of the business. Sea Cliff Partners Management LP grew its holdings 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 valued at $32,154,000 after purchasing an additional 811,702 shares during the period. Summit Trail Advisors LLC grew its holdings in Udemy by 939.8% during the third quarter. Summit Trail Advisors LLC now owns 366,795 shares of the company’s stock valued at $2,729,000 after purchasing an additional 331,521 shares during the period. Verition Fund Management LLC acquired a new position in Udemy during the third quarter valued at approximately $1,630,000. Algert Global LLC grew its holdings 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 purchasing an additional 143,498 shares during the period. Finally, Assenagon Asset Management S.A. grew its holdings in Udemy by 106.5% during the third quarter. Assenagon Asset Management S.A. now owns 242,791 shares of the company’s stock valued at $1,806,000 after purchasing an additional 125,235 shares during the period. 79.48% of the stock is owned by institutional investors.

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.