Udemy (NASDAQ:UDMY) Trading 6.7% Higher – Here’s Why

Shares of Udemy, Inc. (NASDAQ:UDMY) traded up 6.7% on Monday . The company traded as high as $8.52 and last traded at $8.49. 893,693 shares were traded during trading, an increase of 0% from the average session volume of 890,394 shares. The stock had previously closed at $7.96.

Analysts Set New Price Targets

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

Udemy Stock Up 8.2 %

The firm has a market cap of $1.26 billion, a price-to-earnings ratio of -12.63 and a beta of 1.95. The business has a 50 day moving average of $7.97 and a 200 day moving average of $8.20.

Udemy (NASDAQ:UDMY) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.06. Udemy had a negative return on equity of 29.36% and a negative net margin of 12.33%. The business had revenue of $195.42 million for the quarter, compared to analyst estimates of $192.69 million. During the same quarter last year, the company earned ($0.10) earnings per share. The business’s revenue for the quarter was up 5.8% compared to the same quarter last year. Research analysts predict that Udemy, Inc. will post -0.47 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Gregory Scott Brown sold 10,000 shares of the firm’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 transaction, the chief executive officer now directly owns 1,203,727 shares in the company, valued at $10,231,679.50. This trade represents a 0.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Eren Bali sold 35,518 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $9.00, for a total value of $319,662.00. Following the completion of the transaction, the chief technology officer now owns 2,225,532 shares in the company, valued at approximately $20,029,788. This trade represents a 1.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Udemy

A number of large investors have recently modified their holdings of UDMY. Vanguard Group Inc. raised its holdings in shares of Udemy by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 9,472,216 shares of the company’s stock worth $104,005,000 after purchasing an additional 116,346 shares during the period. Industry Ventures L.L.C. purchased a new stake in shares of Udemy during the 2nd quarter valued at about $3,452,000. Assenagon Asset Management S.A. raised its holdings in shares of Udemy by 102.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 117,556 shares of the company’s stock valued at $1,015,000 after buying an additional 59,614 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Udemy by 18.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 330,044 shares of the company’s stock valued at $2,848,000 after buying an additional 50,473 shares during the period. Finally, Versor Investments LP purchased a new stake in shares of Udemy during the 2nd quarter valued at about $313,000. 79.48% of the stock is currently owned by hedge funds and other institutional investors.

Udemy Company 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.