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

Needham & Company LLC reaffirmed their buy rating on shares of Udemy (NASDAQ:UDMY) in a report released on Wednesday,Benzinga reports. Needham & Company LLC currently has a $11.00 price target on the stock.

Several other brokerages also recently weighed in on UDMY. Canaccord Genuity Group lifted their target price on shares of Udemy from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, February 14th. Scotiabank began coverage on shares of Udemy in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $10.00 target price on the stock. Finally, Morgan Stanley lifted their target price on shares of Udemy from $7.50 to $9.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $10.95.

Udemy Stock Performance

Shares of Udemy stock opened at $8.03 on Wednesday. Udemy has a 1 year low of $6.67 and a 1 year high of $11.65. The company has a market capitalization of $1.19 billion, a P/E ratio of -14.09 and a beta of 1.76. The company’s fifty day moving average is $8.58 and its two-hundred day moving average is $8.23.

Udemy (NASDAQ:UDMY) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.03) earnings per share (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 analysts’ expectations of $194.70 million. As a group, equities analysts expect that Udemy will post -0.09 earnings per share for the current year.

Insider Activity at Udemy

In related news, CEO Gregory Scott Brown sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $9.43, for a total value of $94,300.00. Following the completion of the sale, the chief executive officer now owns 1,141,896 shares in the company, valued at $10,768,079.28. This trade represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 13,920,840 shares of the company’s stock, valued at $109,139,385.60. This trade represents a 18.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,294,322 shares of company stock worth $25,953,218 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Udemy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Barclays PLC raised its position in Udemy by 360.6% during the third 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 Udemy during the third quarter worth about $1,630,000. Algert Global LLC raised its position in Udemy by 45.0% during the third 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. raised its position in Udemy by 26.2% during the third 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 raised its position in Udemy by 0.8% during the third 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. Institutional investors and hedge funds 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.