Summit Global Investments Takes Position in Udemy, Inc. (NASDAQ:UDMY)

Summit Global Investments purchased a new position in Udemy, Inc. (NASDAQ:UDMY) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 37,868 shares of the company’s stock, valued at approximately $312,000.

Several other large investors also recently added to or reduced their stakes in UDMY. Royce & Associates LP lifted its stake in shares of Udemy by 18.6% in the 4th quarter. Royce & Associates LP now owns 1,119,359 shares of the company’s stock valued at $9,212,000 after purchasing an additional 175,300 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Udemy during the 4th quarter valued at $831,000. AlphaQuest LLC lifted its position in Udemy by 82,500.0% in the fourth quarter. AlphaQuest LLC now owns 34,692 shares of the company’s stock worth $286,000 after buying an additional 34,650 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Udemy during the fourth quarter worth $164,000. Finally, Cornerstone Investment Partners LLC bought a new position in Udemy during the fourth quarter valued at $219,000. 79.48% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on UDMY shares. Morgan Stanley raised their target price on shares of Udemy from $7.50 to $9.00 and gave the stock an “underweight” rating in a report on Thursday, February 20th. Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Udemy in a research report on Wednesday, March 12th. William Blair downgraded Udemy from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 12th. Scotiabank started coverage on Udemy in a report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 price objective for the company. Finally, Canaccord Genuity Group increased their target price on Udemy from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $10.95.

Insider Activity at Udemy

In related news, major shareholder Ltd Naspers sold 3,200,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was 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 directly owns 13,920,840 shares in the company, valued at $109,139,385.60. This represents a 18.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, 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 sale, the chief executive officer now directly owns 1,141,896 shares in the company, valued at approximately $10,768,079.28. The trade was a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,304,322 shares of company stock valued at $26,033,418 over the last ninety days. 3.20% of the stock is owned by company insiders.

Udemy Trading Up 3.6 %

UDMY opened at $8.82 on Tuesday. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of -15.47 and a beta of 1.76. Udemy, Inc. has a 12-month low of $6.67 and a 12-month high of $11.60. The business’s fifty day simple moving average is $8.57 and its 200-day simple moving average is $8.25.

Udemy (NASDAQ:UDMY) last issued its earnings results 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 the consensus estimate of $194.70 million. On average, equities research analysts predict that Udemy, Inc. will post -0.09 EPS for the current year.

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.