Needham & Company LLC Reaffirms “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 research note issued on Wednesday,Benzinga reports. They currently have a $11.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 39.06% from the stock’s previous close.

A number of other brokerages have also weighed in on UDMY. Canaccord Genuity Group raised their price target on shares of Udemy from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Morgan Stanley lifted their target price on Udemy from $7.50 to $9.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Finally, Scotiabank initiated coverage on Udemy in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $10.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Udemy has an average rating of “Moderate Buy” and an average price target of $10.95.

Udemy Stock Performance

Shares of NASDAQ UDMY opened at $7.91 on Wednesday. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of -13.88 and a beta of 1.76. The stock has a 50 day moving average price of $8.57 and a 200 day moving average price of $8.23. Udemy has a 52-week low of $6.67 and a 52-week high of $11.60.

Udemy (NASDAQ:UDMY) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). The company had revenue of $199.94 million for the quarter, compared to analyst estimates of $194.70 million. Udemy had a negative return on equity of 27.93% and a negative net margin of 10.84%. Analysts forecast that Udemy will post -0.09 earnings per share for the current year.

Insiders Place Their Bets

In other Udemy news, CEO Gregory Scott Brown sold 10,000 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $9.43, for a total transaction of $94,300.00. Following the sale, the chief executive officer now directly owns 1,141,896 shares of the company’s stock, valued at $10,768,079.28. The trade was a 0.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the business’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 transaction, the insider now directly owns 13,920,840 shares in the company, valued at $109,139,385.60. The trade was a 18.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,294,322 shares of company stock valued at $25,953,218 over the last quarter. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Udemy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. bought a new position in shares of Udemy in the fourth quarter worth about $31,000. Point72 DIFC Ltd acquired a new position in shares of Udemy during the third quarter worth approximately $30,000. Quarry LP acquired a new position in shares of Udemy during the fourth quarter valued at about $34,000. Vega Investment Solutions acquired a new stake in Udemy during the fourth quarter worth about $46,000. Finally, State of Wyoming bought a new position in Udemy during the fourth quarter valued at about $59,000. 79.48% of the stock is currently owned by institutional investors and hedge funds.

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.