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

Needham & Company LLC reissued their buy rating on shares of Udemy (NASDAQ:UDMY) in a report published on Friday morning,Benzinga reports. Needham & Company LLC currently has a $11.00 price objective on the stock.

Several other analysts also recently issued reports on the company. Cantor Fitzgerald lowered their price target on Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Morgan Stanley cut shares of Udemy from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $10.00 to $7.50 in a research report on Friday, September 27th. Finally, Scotiabank started coverage on shares of Udemy in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $10.92.

Udemy Stock Performance

Shares of NASDAQ:UDMY opened at $8.45 on Friday. The business’s fifty day moving average price is $8.20 and its two-hundred day moving average price is $8.10. The stock has a market cap of $1.23 billion, a PE ratio of -13.41 and a beta of 1.87. Udemy has a one year low of $6.67 and a one year high of $14.74.

Udemy (NASDAQ:UDMY) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.07 earnings per share (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 the consensus estimate of $192.69 million. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. As a group, equities research analysts predict that Udemy will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Udemy

In related news, CTO Eren Bali sold 35,518 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $9.00, for a total transaction of $319,662.00. Following the completion of the transaction, the chief technology officer now directly owns 2,225,532 shares in the company, valued at $20,029,788. This represents a 1.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $8.71, for a total value of $87,100.00. Following the completion of the sale, the chief executive officer now directly owns 1,183,086 shares in the company, valued at $10,304,679.06. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,518 shares of company stock worth $491,762 over the last 90 days. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Udemy

Institutional investors have recently modified their holdings of the company. Sea Cliff Partners Management LP increased its position in 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 acquiring an additional 811,702 shares during the period. Summit Trail Advisors LLC lifted its stake in shares of Udemy by 939.8% in the 3rd quarter. Summit Trail Advisors LLC now owns 366,795 shares of the company’s stock worth $2,729,000 after acquiring an additional 331,521 shares during the period. Verition Fund Management LLC bought a new position in shares of Udemy in the third quarter valued at approximately $1,630,000. Algert Global LLC increased its stake in shares of 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 acquiring an additional 143,498 shares during the period. Finally, Assenagon Asset Management S.A. raised 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 worth $1,806,000 after purchasing an additional 125,235 shares in the last quarter. Institutional investors 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.