Udemy (NASDAQ:UDMY) Given “Buy” Rating at Needham & Company LLC

Udemy (NASDAQ:UDMY)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research report issued on Friday,Benzinga reports. They presently have a $11.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 28.65% from the company’s previous close.

UDMY has been the topic of several other research reports. Scotiabank began coverage on Udemy in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $10.00 target price on the stock. Cantor Fitzgerald lowered their price objective on shares of Udemy from $18.00 to $11.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Finally, Morgan Stanley downgraded shares of Udemy from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $10.00 to $7.50 in a report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.92.

Udemy Stock Performance

UDMY stock opened at $8.55 on Friday. The company’s 50-day moving average price is $8.20 and its 200 day moving average price is $8.10. Udemy has a 52 week low of $6.67 and a 52 week high of $14.74. The company has a market cap of $1.25 billion, a P/E ratio of -13.57 and a beta of 1.87.

Udemy (NASDAQ:UDMY) last announced its quarterly 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. The business had revenue of $195.42 million for the quarter, compared to analyst estimates of $192.69 million. Udemy had a negative return on equity of 29.36% and a negative net margin of 12.33%. The company’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.10) EPS. On average, equities research analysts expect that Udemy will post -0.47 earnings per share for the current year.

Insider Activity

In other news, CTO Eren Bali sold 35,518 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $9.00, for a total transaction of $319,662.00. Following the sale, the chief technology officer now owns 2,225,532 shares in the company, valued at $20,029,788. This trade represents a 1.57 % 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, CEO Gregory Scott Brown sold 10,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $8.71, for a total value of $87,100.00. Following the completion of the transaction, the chief executive officer now owns 1,183,086 shares of the company’s stock, valued at $10,304,679.06. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,518 shares of company stock valued at $491,762 over the last 90 days. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of UDMY. Point72 DIFC Ltd purchased a new stake in Udemy in the third quarter valued at approximately $30,000. Ariadne Wealth Management LP purchased a new stake in shares of Udemy during the 2nd quarter valued at $67,000. Victory Capital Management Inc. acquired a new stake in shares of Udemy during the 3rd quarter worth $75,000. XTX Topco Ltd acquired a new stake in shares of Udemy during the 2nd quarter worth $93,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Udemy in the 3rd quarter worth $103,000. 79.48% of the stock is currently owned by hedge funds and other institutional investors.

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.