Needham & Company LLC Reaffirms “Buy” Rating for Udemy (NASDAQ:UDMY)

Needham & Company LLC reissued their buy rating on shares of Udemy (NASDAQ:UDMY) in a report released on Thursday morning, Benzinga reports. They currently have a $15.00 price objective on the stock.

Several other equities research analysts have also weighed in on UDMY. Morgan Stanley dropped their price target on Udemy from $15.00 to $13.00 and set an equal weight rating on the stock in a research report on Friday, April 19th. KeyCorp decreased their price target on shares of Udemy from $14.00 to $13.00 and set an overweight rating for the company in a research note on Monday, July 22nd. Bank of America cut shares of Udemy from a buy rating to a neutral rating and set a $8.50 price target for the company. in a research report on Thursday. Cantor Fitzgerald cut their price objective on shares of Udemy from $20.00 to $18.00 and set an overweight rating on the stock in a report on Thursday. Finally, Jefferies Financial Group lowered their target price on shares of Udemy from $14.00 to $11.00 and set a hold rating for the company in a report on Monday, April 29th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $12.45.

Udemy Trading Down 1.5 %

NASDAQ:UDMY opened at $7.41 on Thursday. The company has a 50-day moving average price of $8.50 and a 200-day moving average price of $10.28. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of -13.98 and a beta of 2.01. Udemy has a 12 month low of $6.92 and a 12 month high of $16.01.

Udemy (NASDAQ:UDMY) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. The business had revenue of $196.85 million during the quarter, compared to analyst estimates of $194.83 million. Udemy had a negative net margin of 11.39% and a negative return on equity of 25.00%. Equities analysts forecast that Udemy will post -0.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Eren Bali sold 15,000 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $9.10, for a total transaction of $136,500.00. Following the transaction, the director now directly owns 1,639,477 shares of the company’s stock, valued at $14,919,240.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Eren Bali sold 15,000 shares of Udemy stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $9.10, for a total value of $136,500.00. Following the completion of the sale, the director now directly owns 1,639,477 shares in the company, valued at $14,919,240.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $8.50, for a total transaction of $85,000.00. Following the transaction, the chief executive officer now owns 1,273,406 shares in the company, valued at approximately $10,823,951. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,486 shares of company stock valued at $740,941. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Udemy

A number of institutional investors and hedge funds have recently modified their holdings of the company. Sea Cliff Partners Management LP bought a new stake in Udemy during the fourth quarter valued at approximately $25,661,000. Inflection Point Investments LLP purchased a new position in shares of Udemy during the 4th quarter worth $21,390,000. Vanguard Group Inc. grew its position in shares of Udemy by 19.3% during the 3rd quarter. Vanguard Group Inc. now owns 8,860,490 shares of the company’s stock valued at $84,175,000 after acquiring an additional 1,433,980 shares during the period. Silvercrest Asset Management Group LLC purchased a new stake in shares of Udemy in the 1st quarter worth $8,109,000. Finally, Invenomic Capital Management LP raised its holdings in Udemy by 22.9% in the 1st quarter. Invenomic Capital Management LP now owns 2,747,453 shares of the company’s stock worth $30,167,000 after purchasing an additional 512,618 shares during the period. 79.48% of the stock is currently owned by hedge funds and other institutional investors.

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.