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 research note published on Wednesday morning,Benzinga reports. They currently have a $11.00 price objective on the stock.

UDMY has been the subject of a number of other reports. Canaccord Genuity Group boosted their target price on shares of Udemy from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, February 14th. Morgan Stanley boosted their target price on shares of Udemy from $7.50 to $9.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Finally, Scotiabank began coverage on shares of Udemy in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $10.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.95.

Udemy Price Performance

NASDAQ:UDMY opened at $8.03 on Wednesday. The firm has a 50 day simple moving average of $8.58 and a 200-day simple moving average of $8.23. The firm has a market cap of $1.19 billion, a PE ratio of -14.09 and a beta of 1.76. Udemy has a 1-year low of $6.67 and a 1-year high of $11.65.

Udemy (NASDAQ:UDMY) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The firm had revenue of $199.94 million during the quarter, compared to analyst estimates of $194.70 million. Udemy had a negative net margin of 10.84% and a negative return on equity of 27.93%. As a group, sell-side analysts expect that Udemy will post -0.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Udemy news, major shareholder Ltd Naspers sold 3,200,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were 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. The trade was a 18.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Eren Bali sold 69,482 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $9.00, for a total transaction of $625,338.00. Following the sale, the chief technology officer now owns 2,156,050 shares of the company’s stock, valued at approximately $19,404,450. This represents a 3.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,294,322 shares of company stock worth $25,953,218 over the last ninety days. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Barclays PLC lifted its position in shares of Udemy by 360.6% during the third quarter. Barclays PLC now owns 155,719 shares of the company’s stock worth $1,158,000 after purchasing an additional 121,911 shares in the last quarter. Verition Fund Management LLC acquired a new position in shares of Udemy during the third quarter worth $1,630,000. Algert Global LLC lifted its position in shares of Udemy by 45.0% during the third quarter. Algert Global LLC now owns 346,062 shares of the company’s stock worth $2,575,000 after purchasing an additional 107,390 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Udemy by 26.2% during the third quarter. JPMorgan Chase & Co. now owns 198,387 shares of the company’s stock worth $1,476,000 after purchasing an additional 41,145 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Udemy by 0.8% during the third quarter. State Street Corp now owns 1,934,473 shares of the company’s stock worth $14,392,000 after purchasing an additional 15,339 shares in the last quarter. 79.48% of the stock is owned by institutional investors and hedge funds.

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.