Udemy (NASDAQ:UDMY) Shares Gap Up After Analyst Upgrade

Udemy, Inc. (NASDAQ:UDMY)’s stock price gapped up before the market opened on Friday after Canaccord Genuity Group raised their price target on the stock from $12.00 to $14.00. The stock had previously closed at $7.82, but opened at $8.45. Canaccord Genuity Group currently has a buy rating on the stock. Udemy shares last traded at $10.01, with a volume of 1,537,610 shares.

Other analysts also recently issued reports about the company. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Udemy in a report on Friday. Scotiabank started coverage on shares of Udemy in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $10.00 price target on the stock. Finally, Cantor Fitzgerald lowered their price target on shares of Udemy from $18.00 to $11.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, Udemy currently has an average rating of “Moderate Buy” and a consensus target price of $11.08.

Insiders Place Their Bets

In related news, major shareholder Ltd Naspers sold 3,200,000 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $7.84, for a total value of $25,088,000.00. Following the completion of the transaction, the insider now directly owns 13,920,840 shares in the company, valued at $109,139,385.60. This trade represents a 18.69 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gregory Scott Brown sold 10,000 shares of Udemy stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $8.71, for a total transaction of $87,100.00. Following the transaction, the chief executive officer now directly owns 1,183,086 shares of the company’s stock, valued at approximately $10,304,679.06. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Udemy

Large investors have recently made changes to their positions in the business. Barclays PLC raised its stake in Udemy by 360.6% during the third quarter. Barclays PLC now owns 155,719 shares of the company’s stock valued at $1,158,000 after buying an additional 121,911 shares during the last quarter. Verition Fund Management LLC purchased a new position in shares of Udemy in the 3rd quarter worth about $1,630,000. Algert Global LLC boosted its stake in Udemy by 45.0% in the 3rd quarter. Algert Global LLC now owns 346,062 shares of the company’s stock worth $2,575,000 after purchasing an additional 107,390 shares in the last quarter. Assenagon Asset Management S.A. grew its position in 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. Finally, JPMorgan Chase & Co. grew its position in Udemy by 26.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 198,387 shares of the company’s stock valued at $1,476,000 after purchasing an additional 41,145 shares during the last quarter. 79.48% of the stock is currently owned by hedge funds and other institutional investors.

Udemy Trading Up 28.7 %

The firm has a market capitalization of $1.47 billion, a P/E ratio of -15.98 and a beta of 1.85. The business’s 50 day simple moving average is $8.05 and its two-hundred day simple moving average is $7.99.

Udemy (NASDAQ:UDMY) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). Udemy had a negative net margin of 12.33% and a negative return on equity of 29.36%. Analysts predict that Udemy, Inc. will post -0.47 EPS for the current fiscal year.

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.