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

Udemy (NASDAQ:UDMY)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports. They currently have a $11.00 price objective on the stock. Needham & Company LLC’s price target would suggest a potential upside of 69.49% from the company’s previous close.

A number of other research analysts have also commented on the stock. William Blair lowered shares of Udemy from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 12th. Truist Financial reiterated a “hold” rating and issued a $7.00 price objective (down previously from $10.00) on shares of Udemy in a research report on Monday, April 7th. Canaccord Genuity Group boosted their price objective on Udemy from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, February 14th. JPMorgan Chase & Co. reduced their target price on Udemy from $11.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Finally, Morgan Stanley lowered their price target on shares of Udemy from $9.00 to $7.00 and set an “underweight” rating on the stock in a report on Wednesday, April 16th. One equities 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. According to data from MarketBeat.com, Udemy currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.86.

Udemy Stock Up 1.1 %

UDMY opened at $6.49 on Thursday. The stock’s 50 day moving average price is $7.62 and its two-hundred day moving average price is $8.03. The firm has a market capitalization of $965.26 million, a P/E ratio of -11.39 and a beta of 1.81. Udemy has a 12-month low of $5.68 and a 12-month high of $11.60.

Udemy (NASDAQ:UDMY) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.02. The business had revenue of $200.30 million for the quarter, compared to the consensus estimate of $197.19 million. Udemy had a negative net margin of 10.84% and a negative return on equity of 27.93%. Udemy’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the company posted $0.03 earnings per share. As a group, analysts anticipate that Udemy will post -0.09 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Heather Hiles sold 14,840 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $9.81, for a total transaction of $145,580.40. Following the completion of the sale, the director now owns 42,667 shares of the company’s stock, valued at approximately $418,563.27. This trade represents a 25.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Gregory Scott Brown sold 10,000 shares of Udemy stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 1,141,896 shares of the company’s stock, valued at $10,768,079.28. This trade represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,168 shares of company stock worth $952,186 in the last quarter. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of Udemy

Large investors have recently made changes to their positions in the business. CWM LLC raised its holdings in shares of Udemy by 1,189.4% in the first quarter. CWM LLC now owns 13,371 shares of the company’s stock valued at $104,000 after buying an additional 12,334 shares during the last quarter. New York State Common Retirement Fund increased its position in Udemy by 18.1% in the 1st quarter. New York State Common Retirement Fund now owns 27,138 shares of the company’s stock valued at $211,000 after acquiring an additional 4,159 shares in the last quarter. Teacher Retirement System of Texas bought a new position in shares of Udemy in the first quarter worth about $97,000. Assenagon Asset Management S.A. lifted its position in shares of Udemy by 1,814.5% during the first quarter. Assenagon Asset Management S.A. now owns 2,678,641 shares of the company’s stock worth $20,786,000 after purchasing an additional 2,538,728 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Udemy by 558.3% during the first quarter. GAMMA Investing LLC now owns 6,945 shares of the company’s stock valued at $54,000 after purchasing an additional 5,890 shares during the last quarter. Institutional investors own 79.48% of the company’s stock.

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.