Udemy (NASDAQ:UDMY) Rating Lowered to “Hold” at Canaccord Genuity Group

Udemy (NASDAQ:UDMY) was downgraded by equities research analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a report issued on Wednesday, Marketbeat Ratings reports. They currently have a $7.00 price target on the stock, down from their prior price target of $12.00. Canaccord Genuity Group’s price target points to a potential upside of 11.11% from the stock’s current price.

Other analysts have also issued reports about the company. KeyCorp reaffirmed an “overweight” rating on shares of Udemy in a report on Thursday, December 11th. Zacks Research cut shares of Udemy from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 28th. Wall Street Zen upgraded shares of Udemy from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of Udemy in a report on Wednesday, October 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Udemy in a report on Thursday, October 30th. Four investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Udemy has an average rating of “Hold” and a consensus target price of $9.00.

Udemy Price Performance

Shares of Udemy stock opened at $6.30 on Wednesday. The stock has a market cap of $922.19 million, a PE ratio of -209.93 and a beta of 1.74. The firm has a fifty day moving average price of $5.68 and a 200 day moving average price of $6.56. Udemy has a 1 year low of $4.86 and a 1 year high of $10.61.

Udemy (NASDAQ:UDMY) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.03. The company had revenue of $195.68 million for the quarter, compared to the consensus estimate of $193.09 million. Udemy had a positive return on equity of 2.11% and a negative net margin of 0.47%.The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the firm earned $0.07 EPS. As a group, equities analysts expect that Udemy will post -0.09 EPS for the current year.

Udemy declared that its board has authorized a stock repurchase plan on Wednesday, September 10th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Udemy

In related news, CFO Sarah Blanchard sold 25,000 shares of the stock in a transaction on Monday, December 15th. The stock was sold at an average price of $5.25, for a total value of $131,250.00. Following the completion of the transaction, the chief financial officer directly owned 1,208,046 shares of the company’s stock, valued at approximately $6,342,241.50. This represents a 2.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Udemy

Several institutional investors and hedge funds have recently added to or reduced their stakes in UDMY. State of Alaska Department of Revenue acquired a new stake in shares of Udemy in the third quarter valued at about $56,000. Osaic Holdings Inc. purchased a new stake in Udemy during the 2nd quarter valued at about $56,000. New York State Teachers Retirement System acquired a new stake in Udemy in the 2nd quarter valued at about $58,000. CIBC Bancorp USA Inc. acquired a new stake in Udemy in the 3rd quarter valued at about $73,000. Finally, Prelude Capital Management LLC purchased a new position in Udemy in the 3rd quarter worth approximately $79,000. 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.