Invenomic Capital Management LP Sells 489,798 Shares of Udemy, Inc. (NASDAQ:UDMY)

Invenomic Capital Management LP lessened its position in Udemy, Inc. (NASDAQ:UDMY) by 16.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,423,522 shares of the company’s stock after selling 489,798 shares during the quarter. Invenomic Capital Management LP owned 1.66% of Udemy worth $18,031,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the company. Sea Cliff Partners Management LP raised its holdings in shares of Udemy by 27.9% during the 2nd quarter. Sea Cliff Partners Management LP now owns 3,725,865 shares of the company’s stock valued at $32,154,000 after buying an additional 811,702 shares in the last quarter. Algert Global LLC boosted its stake in shares of Udemy by 45.0% in the 3rd quarter. Algert Global LLC now owns 346,062 shares of the company’s stock valued at $2,575,000 after purchasing an additional 107,390 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Udemy by 106.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 242,791 shares of the company’s stock valued at $1,806,000 after purchasing an additional 125,235 shares during the last quarter. Victory Capital Management Inc. purchased a new position in Udemy in the 3rd quarter worth $75,000. Finally, Ariadne Wealth Management LP bought a new stake in Udemy in the second quarter worth $67,000. Institutional investors own 79.48% of the company’s stock.

Insiders Place Their Bets

In other news, CTO Eren Bali sold 35,518 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $9.00, for a total value of $319,662.00. Following the sale, the chief technology officer now 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gregory Scott Brown sold 10,000 shares of Udemy stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $8.50, for a total transaction of $85,000.00. Following the transaction, the chief executive officer now directly owns 1,203,727 shares of the company’s stock, valued at approximately $10,231,679.50. This represents a 0.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on UDMY shares. Needham & Company LLC reduced their price objective on Udemy from $15.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Cantor Fitzgerald dropped their price objective on Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Morgan Stanley downgraded shares of Udemy from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $10.00 to $7.50 in a research note on Friday, September 27th. Canaccord Genuity Group started coverage on shares of Udemy in a research report on Thursday, August 8th. They set a “buy” rating and a $12.00 price target for the company. Finally, Canaccord Genuity Group initiated coverage on shares of Udemy in a research note on Thursday, August 8th. They set a “buy” rating and a $12.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Udemy presently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Udemy Trading Up 8.2 %

NASDAQ:UDMY opened at $8.61 on Tuesday. Udemy, Inc. has a 12-month low of $6.67 and a 12-month high of $16.01. The stock has a 50-day moving average price of $7.99 and a 200 day moving average price of $8.19.

Udemy (NASDAQ:UDMY) last released its earnings results on Tuesday, October 29th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.01 by $0.06. Udemy had a negative net margin of 12.33% and a negative return on equity of 29.36%. The firm had revenue of $195.42 million for the quarter, compared to the consensus estimate of $192.69 million. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. On average, equities research analysts anticipate that Udemy, Inc. will post -0.47 earnings per share for the current year.

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.