Needham & Company LLC Reiterates Buy Rating for Udemy (NASDAQ:UDMY)

Udemy (NASDAQ:UDMY)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $11.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 40.66% from the stock’s previous close.

UDMY has been the subject of a number of other research reports. Cantor Fitzgerald dropped their target price on shares of Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Scotiabank assumed coverage on shares of Udemy in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $10.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Udemy presently has a consensus rating of “Moderate Buy” and an average target price of $10.92.

Udemy Price Performance

Shares of NASDAQ:UDMY opened at $7.82 on Friday. The company’s 50 day simple moving average is $8.05 and its 200 day simple moving average is $7.99. Udemy has a 1 year low of $6.67 and a 1 year high of $14.24. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -12.41 and a beta of 1.85.

Udemy (NASDAQ:UDMY) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Udemy had a negative return on equity of 29.36% and a negative net margin of 12.33%. As a group, analysts anticipate that Udemy will post -0.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Ltd Naspers sold 3,200,000 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $7.84, for a total value of $25,088,000.00. Following the completion of the sale, the insider now owns 13,920,840 shares of the company’s stock, valued at approximately $109,139,385.60. This represents a 18.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gregory Scott Brown sold 10,000 shares of Udemy stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 1,183,086 shares in the company, valued at approximately $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. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Udemy

Several large investors have recently modified their holdings of the company. Federated Hermes Inc. boosted its position in Udemy by 1,985.5% during the fourth quarter. Federated Hermes Inc. now owns 1,372,593 shares of the company’s stock valued at $11,296,000 after acquiring an additional 1,306,778 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Udemy in the 4th quarter valued at about $4,119,000. Summit Trail Advisors LLC boosted its position in shares of Udemy by 939.8% during the 3rd quarter. Summit Trail Advisors LLC now owns 366,795 shares of the company’s stock valued at $2,729,000 after purchasing an additional 331,521 shares in the last quarter. Verition Fund Management LLC acquired a new stake in Udemy during the third quarter worth approximately $1,630,000. Finally, ExodusPoint Capital Management LP bought a new stake in Udemy in the fourth quarter worth approximately $1,610,000. 79.48% of the stock is currently owned by institutional investors and hedge funds.

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.