Udemy (NASDAQ:UDMY) Shares Gap Up Following Analyst Upgrade

Udemy, Inc. (NASDAQ:UDMY) gapped up before the market opened on Friday after Canaccord Genuity Group raised their price target on the stock from $12.00 to $14.00. The stock had previously closed at $7.82, but opened at $8.45. Canaccord Genuity Group currently has a buy rating on the stock. Udemy shares last traded at $10.01, with a volume of 1,537,610 shares traded.

UDMY has been the topic of several other research reports. Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of Udemy in a research report on Friday. Cantor Fitzgerald decreased their target price on shares of Udemy from $18.00 to $11.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. Finally, Scotiabank began coverage on shares of Udemy in a report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $11.08.

Insiders Place Their Bets

In other news, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $8.71, for a total transaction of $87,100.00. Following the sale, the chief executive officer now owns 1,183,086 shares of the company’s stock, valued at approximately $10,304,679.06. This represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the firm’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 transaction, the insider now directly owns 13,920,840 shares of the company’s stock, valued at approximately $109,139,385.60. The trade was a 18.69 % decrease in their position. The disclosure for this sale can be found here. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Udemy

A number of hedge funds have recently added to or reduced their stakes in UDMY. SG Americas Securities LLC purchased a new stake in shares of Udemy during the third quarter worth $181,000. Assenagon Asset Management S.A. increased its holdings in Udemy by 106.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 242,791 shares of the company’s stock worth $1,806,000 after purchasing an additional 125,235 shares during the period. Harbor Capital Advisors Inc. raised its position in Udemy by 28.9% in the 3rd 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 in the last quarter. Entropy Technologies LP purchased a new position in shares of Udemy in the 3rd quarter valued at about $178,000. Finally, Victory Capital Management Inc. acquired a new position in shares of Udemy during the third quarter worth about $75,000. 79.48% of the stock is currently owned by institutional investors and hedge funds.

Udemy Price Performance

The stock’s 50 day moving average is $8.07 and its two-hundred day moving average is $7.99. The stock has a market capitalization of $1.46 billion, a PE ratio of -15.89 and a beta of 1.85.

Udemy (NASDAQ:UDMY) last announced 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). Udemy had a negative net margin of 12.33% and a negative return on equity of 29.36%. On average, equities analysts predict that Udemy, Inc. will post -0.47 earnings per share for the current year.

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.