Summit Global Investments Buys Shares of 37,868 Udemy, Inc. (NASDAQ:UDMY)

Summit Global Investments purchased a new position in shares of Udemy, Inc. (NASDAQ:UDMY) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 37,868 shares of the company’s stock, valued at approximately $312,000.

A number of other large investors have also made changes to their positions in UDMY. SBI Securities Co. Ltd. purchased a new position in Udemy during the 4th quarter worth $31,000. Point72 DIFC Ltd acquired a new stake in Udemy in the third quarter worth about $30,000. Handelsbanken Fonder AB grew its stake in shares of Udemy by 45.2% during the fourth quarter. Handelsbanken Fonder AB now owns 15,100 shares of the company’s stock worth $124,000 after acquiring an additional 4,700 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Udemy by 22.2% during the fourth quarter. SG Americas Securities LLC now owns 29,674 shares of the company’s stock valued at $244,000 after acquiring an additional 5,384 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Udemy by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,216,868 shares of the company’s stock valued at $16,497,000 after purchasing an additional 5,972 shares during the last quarter. 79.48% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, major shareholder Ltd Naspers sold 3,200,000 shares of Udemy stock in a transaction dated 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 owns 13,920,840 shares in the company, valued at $109,139,385.60. This trade represents a 18.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Eren Bali sold 10,000 shares of the company’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $8.02, for a total transaction of $80,200.00. Following the transaction, the chief technology officer now owns 2,146,050 shares of the company’s stock, valued at approximately $17,211,321. This trade represents a 0.46 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,304,322 shares of company stock valued at $26,033,418. 3.20% of the stock is owned by company insiders.

Udemy Price Performance

NASDAQ:UDMY opened at $8.82 on Tuesday. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of -15.47 and a beta of 1.76. The company has a 50 day moving average price of $8.57 and a 200-day moving average price of $8.25. Udemy, Inc. has a 1-year low of $6.67 and a 1-year high of $11.60.

Udemy (NASDAQ:UDMY) last released its quarterly 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). The firm had revenue of $199.94 million for the quarter, compared to analyst estimates of $194.70 million. Udemy had a negative net margin of 10.84% and a negative return on equity of 27.93%. On average, sell-side analysts anticipate that Udemy, Inc. will post -0.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on UDMY. Needham & Company LLC reissued a “buy” rating and set a $11.00 target price on shares of Udemy in a research report on Wednesday, March 12th. 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. Canaccord Genuity Group upped their target price on Udemy from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, February 14th. William Blair cut Udemy from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 12th. Finally, Morgan Stanley increased their price objective on Udemy from $7.50 to $9.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Udemy currently has a consensus rating of “Moderate Buy” and an average target price of $10.95.

Udemy 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.