Canaccord Genuity Group Increases Udemy (NASDAQ:UDMY) Price Target to $14.00

Udemy (NASDAQ:UDMY) had its price objective lifted by Canaccord Genuity Group from $12.00 to $14.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 39.86% from the stock’s current price.

UDMY has been the subject of several other research reports. Cantor Fitzgerald dropped their price target on shares of Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Udemy in a report on Friday. 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 objective for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $10.82.

Udemy Stock Up 28.0 %

NASDAQ:UDMY opened at $10.01 on Friday. Udemy has a 12-month low of $6.67 and a 12-month high of $12.07. The firm has a market capitalization of $1.46 billion, a PE ratio of -15.89 and a beta of 1.85. The firm has a 50-day moving average price of $8.07 and a 200 day moving average price of $7.99.

Udemy (NASDAQ:UDMY) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.10). Udemy had a negative return on equity of 29.36% and a negative net margin of 12.33%. The business had revenue of $199.94 million during the quarter, compared to analyst estimates of $194.70 million. On average, research analysts expect that Udemy will post -0.47 EPS for the current year.

Insider Activity

In other news, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction that occurred on 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 directly owns 1,183,086 shares of the company’s stock, valued at $10,304,679.06. This represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the 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 sale, the insider now directly owns 13,920,840 shares in the company, valued at $109,139,385.60. This trade represents a 18.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Udemy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC boosted its stake in Udemy by 360.6% in the third quarter. Barclays PLC now owns 155,719 shares of the company’s stock valued at $1,158,000 after acquiring an additional 121,911 shares during the last quarter. Verition Fund Management LLC bought a new position in Udemy in the third quarter valued at approximately $1,630,000. Algert Global LLC boosted its stake in Udemy by 45.0% in the third quarter. Algert Global LLC now owns 346,062 shares of the company’s stock valued at $2,575,000 after acquiring an additional 107,390 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Udemy by 106.5% in the third quarter. Assenagon Asset Management S.A. now owns 242,791 shares of the company’s stock valued at $1,806,000 after acquiring an additional 125,235 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Udemy by 26.2% in the third quarter. JPMorgan Chase & Co. now owns 198,387 shares of the company’s stock valued at $1,476,000 after acquiring an additional 41,145 shares during the last quarter. 79.48% of the stock is owned by institutional investors.

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.