Udemy (NASDAQ:UDMY) Rating Lowered to “Market Perform” at William Blair

Udemy (NASDAQ:UDMY) was downgraded by analysts at William Blair from an “outperform” rating to a “market perform” rating in a research note issued on Wednesday,Finviz reports.

Other analysts have also issued research reports about the company. Morgan Stanley increased their price objective on Udemy from $7.50 to $9.00 and gave the company an “underweight” rating in a research note on Thursday, February 20th. Scotiabank started coverage on Udemy in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $10.00 price target for the company. Canaccord Genuity Group raised their price target on Udemy from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Udemy in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.95.

Udemy Stock Down 15.0 %

Shares of UDMY stock traded down $1.38 during trading on Wednesday, hitting $7.79. The company had a trading volume of 1,442,210 shares, compared to its average volume of 888,551. The stock’s 50-day moving average is $8.58 and its two-hundred day moving average is $8.24. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of -13.63 and a beta of 1.76. Udemy has a 52 week low of $6.67 and a 52 week high of $11.65.

Udemy (NASDAQ:UDMY) last issued its earnings results on Thursday, February 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.10). The firm had revenue of $199.94 million during the quarter, compared to analysts’ expectations of $194.70 million. Udemy had a negative return on equity of 27.93% and a negative net margin of 10.84%. On average, research analysts predict that Udemy will post -0.09 EPS for the current fiscal year.

Insider Buying and Selling

In other Udemy news, Director Heather Hiles sold 14,840 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $9.81, for a total transaction of $145,580.40. Following the completion of the sale, the director now directly owns 42,667 shares of the company’s stock, valued at $418,563.27. This represents a 25.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gregory Scott Brown sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $9.43, for a total value of $94,300.00. Following the sale, the chief executive officer now directly owns 1,141,896 shares of the company’s stock, valued at approximately $10,768,079.28. This represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,294,322 shares of company stock worth $25,953,218. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of Udemy

Several institutional investors and hedge funds have recently added to or reduced their stakes in UDMY. Federated Hermes Inc. raised its stake in Udemy by 1,985.5% during the 4th quarter. Federated Hermes Inc. now owns 1,372,593 shares of the company’s stock valued at $11,296,000 after acquiring an additional 1,306,778 shares during the last quarter. Millennium Management LLC acquired a new stake in Udemy during the 4th quarter valued at $5,911,000. Arrowstreet Capital Limited Partnership acquired a new stake in Udemy during the 4th quarter valued at $4,119,000. Summit Trail Advisors LLC boosted its holdings in shares of Udemy by 939.8% during the third quarter. Summit Trail Advisors LLC now owns 366,795 shares of the company’s stock worth $2,729,000 after purchasing an additional 331,521 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Udemy by 97.3% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 628,510 shares of the company’s stock worth $5,173,000 after purchasing an additional 310,003 shares during the last quarter. 79.48% of the stock is owned by hedge funds and other 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.