Insider Selling: Udemy, Inc. (NASDAQ:UDMY) Major Shareholder Sells 3,200,000 Shares of Stock

Udemy, Inc. (NASDAQ:UDMY) major shareholder Ltd Naspers sold 3,200,000 shares of Udemy stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $7.84, for a total transaction of $25,088,000.00. Following the sale, the insider now owns 13,920,840 shares of the company’s stock, valued at approximately $109,139,385.60. The trade was a 18.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Udemy Price Performance

UDMY opened at $7.49 on Friday. The business has a 50 day moving average price of $8.16 and a two-hundred day moving average price of $8.09. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of -11.89 and a beta of 1.87. Udemy, Inc. has a 1-year low of $6.67 and a 1-year high of $14.74.

Udemy (NASDAQ:UDMY) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $192.69 million. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. The company’s revenue was up 5.8% on a year-over-year basis. Equities analysts expect that Udemy, Inc. will post -0.47 EPS for the current fiscal year.

Institutional Trading of Udemy

A number of hedge funds have recently bought and sold shares of UDMY. Dimensional Fund Advisors LP boosted its holdings in shares of Udemy by 278.0% during the second quarter. Dimensional Fund Advisors LP now owns 86,005 shares of the company’s stock worth $741,000 after purchasing an additional 63,251 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Udemy during the 2nd quarter valued at about $133,000. XTX Topco Ltd bought a new position in shares of Udemy in the 2nd quarter valued at approximately $93,000. ProShare Advisors LLC lifted its holdings in Udemy by 49.1% in the 2nd quarter. ProShare Advisors LLC now owns 24,018 shares of the company’s stock worth $207,000 after purchasing an additional 7,909 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Udemy by 6.9% during the second quarter. The Manufacturers Life Insurance Company now owns 51,780 shares of the company’s stock worth $447,000 after purchasing an additional 3,336 shares during the period. 79.48% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on UDMY shares. Morgan Stanley lowered shares of Udemy from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $10.00 to $7.50 in a report on Friday, September 27th. Scotiabank began coverage on Udemy in a report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Udemy in a report on Friday, January 17th. Finally, Cantor Fitzgerald cut their target price 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $10.92.

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.