Udemy (NASDAQ:UDMY) Earns Hold Rating from Canaccord Genuity Group

Udemy (NASDAQ:UDMY)‘s stock had its “hold” rating reissued by analysts at Canaccord Genuity Group in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $7.00 target price on the stock, down from their prior target price of $12.00. Canaccord Genuity Group’s price objective indicates a potential upside of 13.73% from the company’s previous close.

A number of other equities analysts also recently commented on UDMY. Wall Street Zen upgraded shares of Udemy from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 7th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Udemy in a research note on Thursday, October 30th. KeyCorp restated an “overweight” rating on shares of Udemy in a research report on Thursday, December 11th. Weiss Ratings restated a “sell (e+)” rating on shares of Udemy in a research note on Wednesday, October 8th. Finally, Zacks Research downgraded shares of Udemy from a “strong-buy” rating to a “hold” rating in a report on Friday, November 28th. Four investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $9.00.

Udemy Stock Up 14.6%

UDMY stock traded up $0.79 during midday trading on Wednesday, hitting $6.16. The company’s stock had a trading volume of 26,086,321 shares, compared to its average volume of 1,581,046. The firm has a market capitalization of $900.95 million, a price-to-earnings ratio of -205.10 and a beta of 1.74. The company has a 50 day moving average of $5.70 and a two-hundred day moving average of $6.57. Udemy has a 12 month low of $4.86 and a 12 month high of $10.61.

Udemy (NASDAQ:UDMY) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The firm had revenue of $195.68 million during the quarter, compared to analyst estimates of $193.09 million. Udemy had a positive return on equity of 2.11% and a negative net margin of 0.47%.The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter last year, the business posted $0.07 earnings per share. On average, analysts anticipate that Udemy will post -0.09 earnings per share for the current fiscal year.

Udemy declared that its Board of Directors has initiated a share repurchase program on Wednesday, September 10th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Udemy news, CFO Sarah Blanchard sold 25,000 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $5.25, for a total transaction of $131,250.00. Following the completion of the sale, the chief financial officer directly owned 1,208,046 shares of the company’s stock, valued at approximately $6,342,241.50. This trade represents a 2.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Udemy

Hedge funds have recently modified their holdings of the stock. CIBC Bancorp USA Inc. purchased a new stake in Udemy during the 3rd quarter worth about $73,000. Inflection Point Investments LLP grew its holdings in shares of Udemy by 15.5% during the third quarter. Inflection Point Investments LLP now owns 603,897 shares of the company’s stock worth $4,233,000 after buying an additional 81,000 shares in the last quarter. Danske Bank A S acquired a new position in shares of Udemy in the third quarter valued at approximately $584,000. Jacobs Levy Equity Management Inc. raised its position in shares of Udemy by 35.6% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,666,003 shares of the company’s stock valued at $11,679,000 after buying an additional 437,769 shares during the last quarter. Finally, XTX Topco Ltd lifted its stake in shares of Udemy by 943.7% during the third quarter. XTX Topco Ltd now owns 112,010 shares of the company’s stock valued at $785,000 after buying an additional 101,278 shares during the period. 79.48% of the stock is owned by institutional investors and hedge funds.

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.