Intech Investment Management LLC Takes Position in Udemy, Inc. (NASDAQ:UDMY)

Intech Investment Management LLC acquired a new stake in Udemy, Inc. (NASDAQ:UDMY) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 21,634 shares of the company’s stock, valued at approximately $161,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. The Manufacturers Life Insurance Company grew its position in shares of Udemy by 6.9% in the second quarter. The Manufacturers Life Insurance Company now owns 51,780 shares of the company’s stock valued at $447,000 after purchasing an additional 3,336 shares during the period. Harbor Capital Advisors Inc. grew its position in shares of Udemy by 28.9% in the third quarter. Harbor Capital Advisors Inc. now owns 20,433 shares of the company’s stock valued at $152,000 after purchasing an additional 4,581 shares during the period. Arizona State Retirement System boosted its holdings in Udemy by 24.4% in the second quarter. Arizona State Retirement System now owns 23,597 shares of the company’s stock valued at $204,000 after acquiring an additional 4,635 shares during the last quarter. Ariadne Wealth Management LP acquired a new position in Udemy in the second quarter valued at $67,000. Finally, ProShare Advisors LLC boosted its holdings in Udemy by 49.1% in the second quarter. ProShare Advisors LLC now owns 24,018 shares of the company’s stock valued at $207,000 after acquiring an additional 7,909 shares during the last quarter. Hedge funds and other institutional investors own 79.48% of the company’s stock.

Udemy Stock Performance

Shares of NASDAQ UDMY opened at $8.40 on Friday. Udemy, Inc. has a 1 year low of $6.67 and a 1 year high of $16.01. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -13.33 and a beta of 1.91. The stock’s 50-day simple moving average is $8.03 and its 200-day simple moving average is $8.16.

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on UDMY. Scotiabank began coverage on Udemy in a report on Thursday. They issued a “sector outperform” rating and a $10.00 target price on the stock. Cantor Fitzgerald reduced their target price on Udemy from $18.00 to $11.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. Morgan Stanley cut Udemy from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $10.00 to $7.50 in a report on Friday, September 27th. Finally, Needham & Company LLC reduced their target price on Udemy from $15.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.92.

Insider Transactions at Udemy

In related news, CEO Gregory Scott Brown sold 10,000 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was 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 directly owns 1,203,727 shares of the company’s stock, valued at $10,231,679.50. The trade was a 0.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Eren Bali sold 35,518 shares of the business’s 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 directly owns 2,225,532 shares of the company’s stock, valued at approximately $20,029,788. This represents a 1.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.20% 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.