Scotiabank Begins Coverage on Udemy (NASDAQ:UDMY)

Equities researchers at Scotiabank assumed coverage on shares of Udemy (NASDAQ:UDMY) in a research report issued on Thursday, MarketBeat reports. The firm set a “sector outperform” rating and a $10.00 price target on the stock. Scotiabank’s target price points to a potential upside of 19.05% from the stock’s previous close.

UDMY has been the subject of a number of other research reports. Morgan Stanley lowered Udemy from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $10.00 to $7.50 in a research note on Friday, September 27th. Needham & Company LLC dropped their price objective on shares of Udemy from $15.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Canaccord Genuity Group assumed coverage on Udemy in a report on Thursday, August 8th. They set a “buy” rating and a $12.00 price target for the company. Canaccord Genuity Group assumed coverage on Udemy in a research note on Thursday, August 8th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, Cantor Fitzgerald lowered their target price on Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. One equities research 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 data from MarketBeat.com, Udemy currently has an average rating of “Moderate Buy” and a consensus target price of $10.92.

Udemy Stock Down 2.1 %

UDMY stock opened at $8.40 on Thursday. The business’s 50-day moving average price is $8.03 and its 200-day moving average price is $8.18. The stock has a market cap of $1.23 billion, a P/E ratio of -13.33 and a beta of 1.91. Udemy has a twelve month low of $6.67 and a twelve month high of $16.01.

Udemy (NASDAQ:UDMY) last released its earnings results on Tuesday, October 29th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.06. The company had revenue of $195.42 million for the quarter, compared to analysts’ expectations of $192.69 million. Udemy had a negative net margin of 12.33% and a negative return on equity of 29.36%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.10) EPS. On average, equities research analysts expect that Udemy will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Udemy

In other Udemy news, CEO Gregory Scott Brown sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $8.50, for a total value of $85,000.00. Following the completion of the sale, the chief executive officer now owns 1,203,727 shares of the company’s stock, valued at $10,231,679.50. This trade represents a 0.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Eren Bali sold 35,518 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $9.00, for a total value of $319,662.00. Following the transaction, the chief technology officer now owns 2,225,532 shares of the company’s stock, valued at $20,029,788. This trade represents a 1.57 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Udemy

Large investors have recently bought and sold shares of the business. Barclays PLC increased its stake in Udemy by 360.6% in 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 during the period. Geode Capital Management LLC grew its holdings in shares of Udemy by 0.3% in the third quarter. Geode Capital Management LLC now owns 2,216,868 shares of the company’s stock worth $16,497,000 after purchasing an additional 5,972 shares during the last quarter. State Street Corp grew its holdings in shares of Udemy by 0.8% in 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 during the last quarter. Point72 DIFC Ltd purchased a new position in Udemy in the 3rd quarter worth about $30,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Udemy during the 3rd quarter valued at about $103,000. Hedge funds and other institutional investors own 79.48% of the company’s stock.

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.