Udemy (NASDAQ:UDMY) Shares Down 4.4% on Insider Selling

Shares of Udemy, Inc. (NASDAQ:UDMY) fell 4.4% on Wednesday following insider selling activity. The company traded as low as $7.46 and last traded at $7.48. 421,268 shares changed hands during trading, a decline of 35% from the average session volume of 649,887 shares. The stock had previously closed at $7.82.

Specifically, major shareholder Ltd Naspers sold 3,200,000 shares of the stock in a transaction dated Tuesday, January 21st. The stock was 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 of the company’s stock, valued at approximately $109,139,385.60. This represents a 18.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Analyst Ratings Changes

UDMY has been the topic of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Udemy in a report on Friday, January 17th. Scotiabank initiated coverage on Udemy in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $10.00 target price for the company. Morgan Stanley cut shares of Udemy from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $10.00 to $7.50 in a research note on Friday, September 27th. Finally, Cantor Fitzgerald lowered their price objective on shares of Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Udemy has an average rating of “Moderate Buy” and a consensus target price of $10.92.

Udemy Stock Up 0.7 %

The stock has a market cap of $1.10 billion, a price-to-earnings ratio of -11.97 and a beta of 1.87. The stock’s fifty day moving average is $8.14 and its 200-day moving average is $8.07.

Udemy (NASDAQ:UDMY) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.06. The business had revenue of $195.42 million during the quarter, compared to analysts’ expectations of $192.69 million. Udemy had a negative net margin of 12.33% and a negative return on equity of 29.36%. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.10) EPS. As a group, equities research analysts predict that Udemy, Inc. will post -0.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Udemy

A number of hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its holdings in Udemy by 278.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 86,005 shares of the company’s stock worth $741,000 after buying an additional 63,251 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Udemy during the second quarter worth $133,000. XTX Topco Ltd acquired a new stake in shares of Udemy during the second quarter worth $93,000. ProShare Advisors LLC lifted its position in Udemy by 49.1% in the 2nd quarter. ProShare Advisors LLC now owns 24,018 shares of the company’s stock valued at $207,000 after acquiring an additional 7,909 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Udemy by 6.9% in the 2nd 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. Institutional investors and hedge funds own 79.48% of the company’s stock.

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.