Udemy (NASDAQ:UDMY) Shares Gap Up After Analyst Upgrade

Udemy, Inc. (NASDAQ:UDMY) gapped up before the market opened on Friday after Canaccord Genuity Group raised their price target on the stock from $12.00 to $14.00. The stock had previously closed at $7.82, but opened at $8.45. Canaccord Genuity Group currently has a buy rating on the stock. Udemy shares last traded at $10.01, with a volume of 1,537,610 shares trading hands.

Several other equities research analysts have also recently issued reports on the stock. Scotiabank started coverage on shares of Udemy in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $10.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Udemy in a research note on Friday. Finally, Cantor Fitzgerald cut their price objective on Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $11.08.

Insiders Place Their Bets

In related news, major shareholder Ltd Naspers sold 3,200,000 shares of Udemy 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 approximately $109,139,385.60. The trade was a 18.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $8.71, for a total value of $87,100.00. Following the completion of the sale, the chief executive officer now owns 1,183,086 shares of the company’s stock, valued at $10,304,679.06. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Udemy

A number of hedge funds have recently made changes to their positions in the business. Stifel Financial Corp bought a new stake in Udemy during the 4th quarter valued at approximately $294,000. MetLife Investment Management LLC raised its position in shares of Udemy by 6.2% during the fourth quarter. MetLife Investment Management LLC now owns 59,465 shares of the company’s stock valued at $489,000 after buying an additional 3,450 shares during the last quarter. Barclays PLC lifted its holdings in shares of Udemy by 3.8% in the fourth quarter. Barclays PLC now owns 161,677 shares of the company’s stock worth $1,330,000 after buying an additional 5,958 shares in the last quarter. Coign Capital Advisors LLC bought a new position in shares of Udemy during the fourth quarter worth $117,000. Finally, Raymond James Financial Inc. bought a new position in shares of Udemy during the fourth quarter worth $164,000. Institutional investors own 79.48% of the company’s stock.

Udemy Stock Up 28.7 %

The company has a market capitalization of $1.47 billion, a PE ratio of -15.98 and a beta of 1.85. The company’s 50 day moving average is $8.05 and its two-hundred day moving average is $7.99.

Udemy (NASDAQ:UDMY) last issued its quarterly earnings data 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 net margin of 12.33% and a negative return on equity of 29.36%. Analysts forecast that Udemy, Inc. will post -0.47 EPS for the current year.

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.