Geode Capital Management LLC Sells 51,818 Shares of Udemy, Inc. (NASDAQ:UDMY)

Geode Capital Management LLC reduced its stake in shares of Udemy, Inc. (NASDAQ:UDMY) by 2.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,165,050 shares of the company’s stock after selling 51,818 shares during the period. Geode Capital Management LLC owned about 1.48% of Udemy worth $17,823,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. SBI Securities Co. Ltd. bought a new stake in Udemy in the 4th quarter valued at about $31,000. Nisa Investment Advisors LLC increased its stake in shares of Udemy by 496.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 7,220 shares of the company’s stock worth $59,000 after purchasing an additional 6,010 shares in the last quarter. Falcon Wealth Planning bought a new stake in shares of Udemy in the fourth quarter valued at approximately $85,000. Handelsbanken Fonder AB raised its position in shares of Udemy by 45.2% in the fourth quarter. Handelsbanken Fonder AB now owns 15,100 shares of the company’s stock valued at $124,000 after purchasing an additional 4,700 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Udemy during the 4th quarter valued at approximately $137,000. Hedge funds and other institutional investors own 79.48% of the company’s stock.

Udemy Price Performance

UDMY opened at $6.14 on Friday. The firm has a market cap of $910.96 million, a price-to-earnings ratio of -10.76 and a beta of 1.81. Udemy, Inc. has a 1 year low of $5.68 and a 1 year high of $11.60. The stock’s 50 day simple moving average is $8.20 and its 200 day simple moving average is $8.10.

Udemy (NASDAQ:UDMY) last posted its earnings results 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 return on equity of 27.93% and a negative net margin of 10.84%. The firm had revenue of $199.94 million for the quarter, compared to analysts’ expectations of $194.70 million. As a group, sell-side analysts anticipate that Udemy, Inc. will post -0.09 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Morgan Stanley cut their price target on Udemy from $9.00 to $7.00 and set an “underweight” rating for the company in a report on Wednesday. Truist Financial restated a “hold” rating and issued a $7.00 target price (down previously from $10.00) on shares of Udemy in a research note on Monday, April 7th. William Blair cut Udemy from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 12th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Udemy in a research report on Wednesday, March 12th. Finally, Canaccord Genuity Group upped their target price on shares of Udemy from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 14th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.50.

Insider Activity

In other Udemy news, CTO Eren Bali sold 69,482 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $9.00, for a total value of $625,338.00. Following the completion of the sale, the chief technology officer now directly owns 2,156,050 shares in the company, valued at $19,404,450. This trade represents a 3.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Heather Hiles sold 14,840 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $9.81, for a total value of $145,580.40. Following the transaction, the director now owns 42,667 shares in the company, valued at $418,563.27. This trade represents a 25.81 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,305,168 shares of company stock valued at $26,040,186. Company insiders own 3.20% of the company’s stock.

Udemy 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.