Morgan Stanley Raises Udemy (NASDAQ:UDMY) Price Target to $9.00

Udemy (NASDAQ:UDMY) had its target price upped by stock analysts at Morgan Stanley from $7.50 to $9.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Morgan Stanley’s price target points to a potential downside of 8.21% from the company’s current price.

A number of other research firms have also weighed in on UDMY. Cantor Fitzgerald dropped their price objective on Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Udemy in a report on Friday, February 14th. Canaccord Genuity Group upped their price objective on shares of Udemy from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Scotiabank started coverage on Udemy in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $10.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $10.95.

Udemy Stock Performance

Shares of UDMY stock traded down $0.30 on Thursday, hitting $9.81. 300,702 shares of the company’s stock traded hands, compared to its average volume of 1,011,625. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of -17.24 and a beta of 1.85. The company’s fifty day simple moving average is $8.16 and its 200 day simple moving average is $8.03. Udemy has a one year low of $6.67 and a one year high of $11.65.

Udemy (NASDAQ:UDMY) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Udemy had a negative net margin of 10.84% and a negative return on equity of 26.50%. The company had revenue of $199.94 million for the quarter, compared to the consensus estimate of $194.70 million. As a group, sell-side analysts anticipate that Udemy will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Udemy

In other news, major shareholder Ltd Naspers sold 3,200,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $7.84, for a total value of $25,088,000.00. Following the completion of 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gregory Scott Brown sold 10,000 shares of Udemy stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $8.71, for a total value of $87,100.00. Following the sale, the chief executive officer now owns 1,183,086 shares in the company, valued at $10,304,679.06. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,294,322 shares of company stock valued at $25,946,018. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Udemy

Hedge funds and other institutional investors have recently modified their holdings of the business. Vega Investment Solutions bought a new stake in Udemy during the fourth quarter worth about $46,000. PharVision Advisers LLC bought a new stake in shares of Udemy in the 4th quarter worth approximately $144,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Udemy by 17.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 181,864 shares of the company’s stock worth $1,497,000 after purchasing an additional 27,673 shares in the last quarter. Voloridge Investment Management LLC grew its stake in shares of Udemy by 11.5% in the 4th quarter. Voloridge Investment Management LLC now owns 254,072 shares of the company’s stock worth $2,091,000 after buying an additional 26,289 shares during the last quarter. Finally, Wexford Capital LP bought a new position in Udemy during the 4th quarter valued at approximately $99,000. 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.