Needham & Company LLC Reiterates Buy Rating for Udemy (NASDAQ:UDMY)

Udemy (NASDAQ:UDMY)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $11.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 30.18% from the company’s current price.

Other equities analysts also recently issued reports about the company. Morgan Stanley downgraded Udemy from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $10.00 to $7.50 in a report on Friday, September 27th. Scotiabank began coverage on shares of Udemy in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $10.00 target price for the company. Finally, Cantor Fitzgerald cut their price target 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $10.92.

Udemy Price Performance

NASDAQ:UDMY opened at $8.45 on Friday. The firm has a market capitalization of $1.23 billion, a P/E ratio of -13.41 and a beta of 1.87. Udemy has a one year low of $6.67 and a one year high of $14.74. The company’s 50-day simple moving average is $8.20 and its 200 day simple moving average is $8.10.

Udemy (NASDAQ:UDMY) last issued its quarterly 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. Udemy had a negative return on equity of 29.36% and a negative net margin of 12.33%. The firm had revenue of $195.42 million for the quarter, compared to analysts’ expectations of $192.69 million. During the same period in the previous year, the firm posted ($0.10) EPS. The business’s revenue for the quarter was up 5.8% compared to the same quarter last year. On average, equities research analysts expect that Udemy will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In related 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 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 0.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Eren Bali sold 35,518 shares of the company’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 transaction of $319,662.00. Following 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. Insiders sold 55,518 shares of company stock valued at $491,762 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Udemy

Institutional investors have recently bought and sold shares of the stock. Point72 DIFC Ltd purchased a new stake in Udemy in the third quarter worth about $30,000. Nisa Investment Advisors LLC grew its stake in shares of Udemy by 496.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 7,220 shares of the company’s stock valued at $59,000 after acquiring an additional 6,010 shares during the period. Ariadne Wealth Management LP purchased a new stake in Udemy in the 2nd quarter worth approximately $67,000. Victory Capital Management Inc. purchased a new stake in Udemy in the 3rd quarter worth approximately $75,000. Finally, XTX Topco Ltd bought a new stake in Udemy during the 2nd quarter worth approximately $93,000. 79.48% of the stock is owned by institutional investors.

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.