Udemy (NASDAQ:UDMY) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Udemy (NASDAQ:UDMY) in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a $11.00 target price on the stock.

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

Udemy Stock Performance

Shares of UDMY opened at $8.45 on Friday. The company’s fifty day moving average is $8.20 and its 200 day moving average is $8.10. Udemy has a fifty-two week low of $6.67 and a fifty-two week high of $14.74.

Udemy (NASDAQ:UDMY) last posted its earnings results on Tuesday, October 29th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $195.42 million for the quarter, compared to the consensus estimate of $192.69 million. During the same period in the previous year, the firm posted ($0.10) EPS. The business’s quarterly revenue was up 5.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Udemy will post -0.47 earnings per share for the current year.

Insider Transactions at Udemy

In other news, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction on Tuesday, October 29th. The stock was 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 1,203,727 shares of the company’s stock, valued at approximately $10,231,679.50. This represents a 0.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Eren Bali sold 35,518 shares of Udemy stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $9.00, for a total value of $319,662.00. Following the completion of the sale, the chief technology officer now owns 2,225,532 shares of the company’s stock, valued at $20,029,788. The trade was a 1.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,518 shares of company stock valued at $491,762. 3.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Udemy

Hedge funds have recently modified their holdings of the business. Point72 DIFC Ltd bought a new position in Udemy in the third quarter worth approximately $30,000. Nisa Investment Advisors LLC increased its holdings in shares of Udemy by 496.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,220 shares of the company’s stock valued at $59,000 after acquiring an additional 6,010 shares during the period. Ariadne Wealth Management LP bought a new position in shares of Udemy in the 2nd quarter worth $67,000. Victory Capital Management Inc. bought a new position in shares of Udemy in the 3rd quarter worth $75,000. Finally, XTX Topco Ltd purchased a new stake in shares of Udemy during the 2nd quarter worth $93,000. Hedge funds and other 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.