Udemy (NASDAQ:UDMY) Shares Gap Down Following Analyst Downgrade

Udemy, Inc. (NASDAQ:UDMY) gapped down prior to trading on Thursday after Canaccord Genuity Group lowered their price target on the stock from $14.00 to $12.00. The stock had previously closed at $6.87, but opened at $6.20. Canaccord Genuity Group currently has a buy rating on the stock. Udemy shares last traded at $6.35, with a volume of 142,611 shares trading hands.

Other equities analysts also recently issued research reports about the company. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Udemy in a report on Thursday. Cantor Fitzgerald dropped their price target on shares of Udemy from $11.00 to $9.00 and set an “overweight” rating on the stock in a research note on Thursday. William Blair lowered shares of Udemy from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 12th. JPMorgan Chase & Co. lowered their target price on shares of Udemy from $11.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Finally, Morgan Stanley reduced their price target on Udemy from $9.00 to $7.00 and set an “underweight” rating for the company in a research report on Wednesday, April 16th. One 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $9.86.

Insider Buying and Selling

In other Udemy news, Director Heather Hiles sold 14,840 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $9.81, for a total value of $145,580.40. Following the sale, the director now owns 42,667 shares of the company’s stock, valued at $418,563.27. This trade represents a 25.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gregory Scott Brown sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $9.43, for a total value of $94,300.00. Following the transaction, the chief executive officer now owns 1,141,896 shares of the company’s stock, valued at approximately $10,768,079.28. This trade represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 105,168 shares of company stock valued at $952,186. Insiders own 3.20% of the company’s stock.

Institutional Trading of Udemy

A number of hedge funds have recently bought and sold shares of UDMY. MetLife Investment Management LLC increased its holdings in shares of Udemy by 6.2% during the 4th quarter. MetLife Investment Management LLC now owns 59,465 shares of the company’s stock worth $489,000 after purchasing an additional 3,450 shares during the period. SBI Securities Co. Ltd. bought a new position in Udemy during the fourth quarter valued at about $31,000. New York State Common Retirement Fund increased its stake in Udemy by 18.1% during the first quarter. New York State Common Retirement Fund now owns 27,138 shares of the company’s stock valued at $211,000 after acquiring an additional 4,159 shares during the period. Quarry LP bought a new stake in shares of Udemy in the 4th quarter worth approximately $34,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Udemy by 14.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,064 shares of the company’s stock worth $297,000 after acquiring an additional 4,418 shares during the period. 79.48% of the stock is owned by institutional investors.

Udemy Stock Up 1.1 %

The business has a 50-day moving average price of $7.62 and a 200-day moving average price of $8.03. The firm has a market capitalization of $965.26 million, a P/E ratio of -11.39 and a beta of 1.81.

Udemy (NASDAQ:UDMY) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The firm had revenue of $200.30 million for the quarter, compared to the consensus estimate of $197.19 million. Udemy had a negative net margin of 10.84% and a negative return on equity of 27.93%. The business’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.03 earnings per share. As a group, sell-side analysts forecast that Udemy, Inc. will post -0.09 EPS for the current year.

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.