Morgan Stanley Cuts Udemy (NASDAQ:UDMY) Price Target to $13.00

Udemy (NASDAQ:UDMY) had its target price trimmed by Morgan Stanley from $15.00 to $13.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other analysts have also weighed in on UDMY. KeyCorp increased their price objective on shares of Udemy from $13.00 to $15.00 and gave the stock an overweight rating in a research note on Friday, January 12th. Cantor Fitzgerald reissued an overweight rating and set a $20.00 price target on shares of Udemy in a report on Thursday, February 15th. TheStreet downgraded shares of Udemy from a c- rating to a d+ rating in a report on Wednesday, March 6th. Piper Sandler reaffirmed a neutral rating and set a $13.00 price objective on shares of Udemy in a report on Thursday, February 15th. Finally, Robert W. Baird increased their price objective on shares of Udemy from $15.00 to $17.00 and gave the company an outperform rating in a report on Thursday, February 15th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Udemy presently has a consensus rating of Moderate Buy and an average price target of $14.78.

Udemy Stock Performance

Shares of NASDAQ UDMY opened at $10.22 on Friday. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of -13.78 and a beta of 2.14. The company has a 50 day simple moving average of $10.99 and a two-hundred day simple moving average of $12.31. Udemy has a fifty-two week low of $8.17 and a fifty-two week high of $16.01.

Udemy (NASDAQ:UDMY) last released its earnings results on Wednesday, February 14th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.04. Udemy had a negative net margin of 14.72% and a negative return on equity of 27.31%. The company had revenue of $189.55 million for the quarter, compared to analysts’ expectations of $185.71 million. On average, analysts forecast that Udemy will post -0.47 earnings per share for the current fiscal year.

Insider Activity

In other Udemy news, CTO Venu Venugopal sold 4,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $13.79, for a total transaction of $55,160.00. Following the sale, the chief technology officer now directly owns 352,013 shares of the company’s stock, valued at approximately $4,854,259.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Gregory Scott Brown sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $11.04, for a total value of $110,400.00. Following the transaction, the chief executive officer now owns 1,163,328 shares in the company, valued at $12,843,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Venu Venugopal sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $13.79, for a total transaction of $55,160.00. Following the completion of the transaction, the chief technology officer now owns 352,013 shares in the company, valued at approximately $4,854,259.27. The disclosure for this sale can be found here. Insiders sold 50,981 shares of company stock worth $570,044 in the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Udemy

A number of hedge funds have recently made changes to their positions in UDMY. Venturi Wealth Management LLC acquired a new position in shares of Udemy during the third quarter valued at $29,000. Daiwa Securities Group Inc. grew its stake in Udemy by 261.1% during the 4th quarter. Daiwa Securities Group Inc. now owns 4,730 shares of the company’s stock valued at $70,000 after acquiring an additional 3,420 shares in the last quarter. RIA Advisory Group LLC purchased a new position in Udemy during the 4th quarter valued at about $76,000. SG Americas Securities LLC bought a new stake in shares of Udemy in the 3rd quarter valued at approximately $95,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Udemy by 28.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,171 shares of the company’s stock valued at $125,000 after buying an additional 2,880 shares in the last quarter. Hedge funds and other institutional investors 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.