Udemy (NASDAQ:UDMY) Shares Gap Down to $8.13

Shares of Udemy, Inc. (NASDAQ:UDMY) gapped down before the market opened on Friday . The stock had previously closed at $8.13, but opened at $7.68. Udemy shares last traded at $7.78, with a volume of 145,281 shares changing hands.

Analysts Set New Price Targets

UDMY has been the subject of several recent analyst reports. Truist Financial cut their target price on Udemy from $15.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price objective on shares of Udemy in a research report on Thursday, August 1st. Canaccord Genuity Group started coverage on Udemy in a research report on Thursday, August 8th. They issued a “buy” rating and a $12.00 target price on the stock. Robert W. Baird lowered their price target on Udemy from $13.00 to $11.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Finally, Morgan Stanley cut Udemy from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $10.00 to $7.50 in a research note on Friday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $11.92.

Udemy Stock Performance

The firm’s 50-day moving average price is $7.98 and its two-hundred day moving average price is $9.00. The firm has a market cap of $1.15 billion, a PE ratio of -14.43 and a beta of 1.99.

Udemy (NASDAQ:UDMY) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.07). Udemy had a negative net margin of 11.39% and a negative return on equity of 26.62%. The company had revenue of $194.36 million during the quarter, compared to analyst estimates of $194.17 million. As a group, sell-side analysts predict that Udemy, Inc. will post -0.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Sarah Blanchard sold 45,000 shares of Udemy stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $8.05, for a total value of $362,250.00. Following the transaction, the chief financial officer now directly owns 1,001,761 shares of the company’s stock, valued at approximately $8,064,176.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Udemy news, CFO Sarah Blanchard sold 45,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $8.05, for a total transaction of $362,250.00. Following the completion of the sale, the chief financial officer now directly owns 1,001,761 shares of the company’s stock, valued at approximately $8,064,176.05. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eren Bali sold 15,000 shares of the stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $9.10, for a total value of $136,500.00. Following the sale, the director now directly owns 1,639,477 shares of the company’s stock, valued at $14,919,240.70. The disclosure for this sale can be found here. Insiders have sold a total of 62,000 shares of company stock valued at $514,430 over the last quarter. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Udemy by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 9,472,216 shares of the company’s stock valued at $104,005,000 after purchasing an additional 116,346 shares in the last quarter. Greenvale Capital LLP grew its stake in shares of Udemy by 2.3% during the 4th quarter. Greenvale Capital LLP now owns 6,600,000 shares of the company’s stock worth $97,218,000 after purchasing an additional 150,000 shares during the period. Sea Cliff Partners Management LP increased its holdings in shares of Udemy by 27.9% in the 2nd 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 in the last quarter. Invenomic Capital Management LP lifted its stake in shares of Udemy by 22.9% in the first quarter. Invenomic Capital Management LP now owns 2,747,453 shares of the company’s stock valued at $30,167,000 after purchasing an additional 512,618 shares during the period. Finally, Silvercrest Asset Management Group LLC purchased a new stake in Udemy during the first quarter worth about $8,109,000. 79.48% of the stock is currently owned by institutional investors and hedge funds.

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.