Needham & Company LLC Has Lowered Expectations for Udemy (NASDAQ:UDMY) Stock Price

Udemy (NASDAQ:UDMY) had its price objective reduced by investment analysts at Needham & Company LLC from $15.00 to $11.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 40.31% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Canaccord Genuity Group assumed coverage on shares of Udemy in a research report on Thursday, August 8th. They set a “buy” rating and a $12.00 price target on the stock. Cantor Fitzgerald upgraded Udemy to a “strong-buy” rating in a report on Tuesday, August 13th. Morgan Stanley cut Udemy from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $10.00 to $7.50 in a research note on Friday, September 27th. KeyCorp dropped their price target on Udemy from $14.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Finally, Robert W. Baird decreased their price objective on Udemy from $13.00 to $11.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Udemy Trading Down 4.0 %

Shares of UDMY stock opened at $7.84 on Wednesday. Udemy has a fifty-two week low of $6.67 and a fifty-two week high of $16.01. The business’s 50 day moving average price is $7.96 and its 200-day moving average price is $8.51.

Udemy (NASDAQ:UDMY) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.07). Udemy had a negative net margin of 12.33% and a negative return on equity of 26.79%. The company had revenue of $194.36 million during the quarter, compared to the consensus estimate of $194.17 million. On average, equities research analysts expect that Udemy will post -0.52 earnings per share for the current fiscal year.

Insider Buying and Selling at Udemy

In other news, CFO Sarah Blanchard sold 45,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $8.05, for a total transaction of $362,250.00. Following the sale, the chief financial officer now owns 1,001,761 shares in the company, valued at $8,064,176.05. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Udemy news, CEO Gregory Scott Brown sold 10,000 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $8.50, for a total value of $85,000.00. Following the completion of the transaction, the chief executive officer now owns 1,203,727 shares of the company’s stock, valued at approximately $10,231,679.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sarah Blanchard sold 45,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $8.05, for a total transaction of $362,250.00. Following the sale, the chief financial officer now directly owns 1,001,761 shares in the company, valued at approximately $8,064,176.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Udemy by 5.6% during the 4th quarter. Vanguard Group Inc. now owns 9,355,870 shares of the company’s stock valued at $137,812,000 after buying an additional 495,380 shares during the period. Principal Financial Group Inc. grew its stake in shares of Udemy by 18.8% during the 1st quarter. Principal Financial Group Inc. now owns 12,053 shares of the company’s stock valued at $132,000 after purchasing an additional 1,904 shares during the period. Swiss National Bank increased its position in shares of Udemy by 2.2% during the 1st quarter. Swiss National Bank now owns 136,200 shares of the company’s stock valued at $1,495,000 after purchasing an additional 2,900 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Udemy in the 1st quarter worth approximately $350,000. Finally, ProShare Advisors LLC boosted its holdings in shares of Udemy by 10.7% in the first quarter. ProShare Advisors LLC now owns 16,109 shares of the company’s stock worth $177,000 after buying an additional 1,553 shares during the last quarter. 79.48% of the stock is 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.