Udemy (NASDAQ:UDMY) Stock Rating Lowered by 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 research note issued on Wednesday, Marketbeat 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 objective points to a potential upside of 15.70% from the stock’s current price.

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

Udemy Price Performance

NASDAQ UDMY opened at $6.05 on Wednesday. The company has a 50 day simple moving average of $5.69 and a 200-day simple moving average of $6.56. The firm has a market capitalization of $885.60 million, a price-to-earnings ratio of -201.60 and a beta of 1.74. Udemy has a 52-week low of $4.86 and a 52-week high of $10.61.

Udemy (NASDAQ:UDMY) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The firm had revenue of $195.68 million for the quarter, compared to the consensus estimate of $193.09 million. Udemy had a negative net margin of 0.47% and a positive return on equity of 2.11%. The firm’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.07 earnings per share. On average, analysts predict that Udemy will post -0.09 EPS for the current year.

Udemy announced that its Board of Directors has approved a share buyback program on Wednesday, September 10th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to buy up to 5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Udemy

In other news, CFO Sarah Blanchard sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $5.25, for a total transaction of $131,250.00. Following the sale, the chief financial officer directly owned 1,208,046 shares in the company, valued at approximately $6,342,241.50. The trade was a 2.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new stake in Udemy during the third quarter worth $56,000. Osaic Holdings Inc. bought a new position in shares of Udemy during the 2nd quarter worth about $56,000. New York State Teachers Retirement System bought a new position in shares of Udemy during the 2nd quarter worth about $58,000. CIBC Bancorp USA Inc. acquired a new stake in shares of Udemy during the 3rd quarter valued at about $73,000. Finally, Prelude Capital Management LLC acquired a new stake in shares of Udemy during the 3rd quarter valued at about $79,000. 79.48% of the stock is owned by institutional investors.

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.