Needham & Company LLC Cuts Udemy (NASDAQ:UDMY) Price Target to $11.00

Udemy (NASDAQ:UDMY) had its price target lowered by Needham & Company LLC from $15.00 to $11.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock.

UDMY has been the subject of several other research reports. Canaccord Genuity Group began coverage on shares of Udemy in a research report on Thursday, August 8th. They set a “buy” rating and a $12.00 price target for the company. KeyCorp reduced their target price on Udemy from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. Canaccord Genuity Group initiated coverage on Udemy in a research report on Thursday, August 8th. They set a “buy” rating and a $12.00 price target for the company. Bank of America lowered Udemy from a “buy” rating to a “neutral” rating and set a $8.50 price objective on the stock. in a report on Thursday, August 1st. Finally, Robert W. Baird lowered their price target on shares of Udemy from $13.00 to $11.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.

Udemy Price Performance

Shares of UDMY stock opened at $8.04 on Wednesday. Udemy has a 1-year low of $6.67 and a 1-year high of $16.01. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -12.76 and a beta of 1.97. The stock has a 50 day simple moving average of $7.95 and a 200-day simple moving average of $8.51.

Udemy (NASDAQ:UDMY) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.07). Udemy had a negative return on equity of 26.79% and a negative net margin of 12.33%. The company had revenue of $194.36 million for the quarter, compared to analyst estimates of $194.17 million. Analysts anticipate that Udemy will post -0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Gregory Scott Brown sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $8.50, for a total value of $85,000.00. Following the transaction, the chief executive officer now directly owns 1,203,727 shares in the company, valued at approximately $10,231,679.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Gregory Scott Brown sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 1,203,727 shares of the company’s stock, valued at approximately $10,231,679.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Sarah Blanchard sold 45,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $8.05, for a total transaction of $362,250.00. Following the completion of the transaction, the chief financial officer now directly owns 1,001,761 shares of the company’s stock, valued at $8,064,176.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Udemy by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 9,472,216 shares of the company’s stock worth $104,005,000 after purchasing an additional 116,346 shares during the last quarter. Sea Cliff Partners Management LP increased its position in Udemy by 27.9% during the second quarter. Sea Cliff Partners Management LP now owns 3,725,865 shares of the company’s stock worth $32,154,000 after buying an additional 811,702 shares during the period. ProShare Advisors LLC raised its position in Udemy by 10.7% in the 1st quarter. ProShare Advisors LLC now owns 16,109 shares of the company’s stock valued at $177,000 after purchasing an additional 1,553 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Udemy by 18.8% during the first quarter. Principal Financial Group Inc. now owns 12,053 shares of the company’s stock worth $132,000 after buying an additional 1,904 shares during the period. Finally, Natixis grew its stake in shares of Udemy by 60.8% in the 1st quarter. Natixis now owns 8,967 shares of the company’s stock valued at $99,000 after purchasing an additional 3,391 shares during the last quarter. Institutional investors and hedge funds 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.