Needham & Company LLC Reaffirms “Buy” Rating for Udemy (NASDAQ:UDMY)

Needham & Company LLC reissued their buy rating on shares of Udemy (NASDAQ:UDMY) in a research note released on Friday,Benzinga reports. They currently have a $11.00 price target on the stock.

A number of other equities research analysts have also weighed in on UDMY. Scotiabank initiated coverage on shares of Udemy in a report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 target price on the stock. Cantor Fitzgerald reduced their target price on shares of Udemy from $18.00 to $11.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Udemy has a consensus rating of “Moderate Buy” and a consensus price target of $11.08.

Udemy Stock Up 28.0 %

Shares of Udemy stock opened at $10.01 on Friday. The firm’s 50 day moving average is $8.07 and its 200 day moving average is $7.99. Udemy has a 1 year low of $6.67 and a 1 year high of $12.07.

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

Insider Activity at Udemy

In related news, CEO Gregory Scott Brown sold 10,000 shares of the business’s stock in a transaction on 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 owns 1,183,086 shares in the company, valued at $10,304,679.06. The trade was a 0.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the business’s stock in a transaction 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 transaction, the insider now owns 13,920,840 shares in the company, valued at $109,139,385.60. The trade was a 18.69 % decrease in their position. The disclosure for this sale can be found here. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of UDMY. SG Americas Securities LLC acquired a new position in Udemy during the third quarter worth $181,000. Assenagon Asset Management S.A. raised its holdings in Udemy by 106.5% during the third quarter. Assenagon Asset Management S.A. now owns 242,791 shares of the company’s stock worth $1,806,000 after buying an additional 125,235 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in Udemy by 28.9% during the third quarter. Harbor Capital Advisors Inc. now owns 20,433 shares of the company’s stock worth $152,000 after buying an additional 4,581 shares during the last quarter. Entropy Technologies LP acquired a new position in Udemy during the third quarter worth $178,000. Finally, Victory Capital Management Inc. acquired a new position in Udemy during the third quarter worth $75,000. Institutional investors and hedge funds own 79.48% of the company’s stock.

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.