Vanguard Group Inc. Cuts Stake in Udemy, Inc. $UDMY

Vanguard Group Inc. lowered its stake in Udemy, Inc. (NASDAQ:UDMY) by 23.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,153,668 shares of the company’s stock after selling 2,741,917 shares during the quarter. Vanguard Group Inc. owned about 6.25% of Udemy worth $53,549,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of UDMY. State of Alaska Department of Revenue purchased a new stake in Udemy in the 3rd quarter worth $56,000. Osaic Holdings Inc. purchased a new stake in Udemy in the 2nd quarter worth $56,000. CIBC Bancorp USA Inc. purchased a new stake in Udemy in the 3rd quarter worth $73,000. Prelude Capital Management LLC purchased a new stake in Udemy in the 3rd quarter worth $79,000. Finally, Prudential Financial Inc. purchased a new stake in Udemy in the 2nd quarter worth $79,000. Hedge funds and other institutional investors own 79.48% of the company’s stock.

Udemy Stock Performance

Shares of NASDAQ UDMY opened at $4.63 on Friday. The firm’s 50-day moving average price is $4.73 and its 200-day moving average price is $5.08. The stock has a market capitalization of $675.68 million, a price-to-earnings ratio of 231.62 and a beta of 1.59. Udemy, Inc. has a 12-month low of $4.02 and a 12-month high of $8.09.

Wall Street Analyst Weigh In

Several brokerages have commented on UDMY. Canaccord Genuity Group set a $5.00 price target on shares of Udemy in a research note on Monday, February 9th. Weiss Ratings cut shares of Udemy from a “sell (d)” rating to a “sell (e+)” rating in a research note on Monday. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Udemy currently has an average rating of “Hold” and a consensus target price of $8.80.

Insider Activity

In other news, CFO Sarah Blanchard sold 25,000 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $4.78, for a total transaction of $119,500.00. Following the sale, the chief financial officer directly owned 1,455,763 shares in the company, valued at approximately $6,958,547.14. This represents a 1.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.20% of the company’s stock.

About Udemy

Udemy, Inc (NASDAQ: UDMY) operates a leading online learning marketplace that connects learners and instructors across a wide range of subject areas. The company’s platform hosts thousands of self-paced video courses covering technology, business, personal development, creative arts and more. Individual learners can purchase courses on demand, while instructors receive revenue share for teaching content to a global audience.

In addition to its consumer-facing marketplace, Udemy provides enterprise learning solutions under the Udemy for Business brand.