Bank of America Corp DE Reduces Position in Udemy, Inc. (NASDAQ:UDMY)

Bank of America Corp DE decreased its holdings in shares of Udemy, Inc. (NASDAQ:UDMY - Free Report) by 42.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 137,755 shares of the company's stock after selling 101,565 shares during the quarter. Bank of America Corp DE owned about 0.09% of Udemy worth $1,134,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. SBI Securities Co. Ltd. acquired a new stake in shares of Udemy in the 4th quarter worth $31,000. Quarry LP acquired a new stake in shares of Udemy in the 4th quarter worth $34,000. Nebula Research & Development LLC purchased a new position in shares of Udemy during the 4th quarter worth $85,000. Boothbay Fund Management LLC purchased a new position in shares of Udemy during the 4th quarter worth $89,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Udemy during the 4th quarter worth $95,000. Hedge funds and other institutional investors own 79.48% of the company's stock.

Insiders Place Their Bets

In other Udemy news, CTO Eren Bali sold 10,000 shares of the business's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $8.02, for a total transaction of $80,200.00. Following the sale, the chief technology officer now directly owns 2,146,050 shares in the company, valued at approximately $17,211,321. The trade was a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hugo Sarrazin acquired 5,432 shares of Udemy stock in a transaction dated Thursday, May 15th. The stock was bought at an average price of $6.99 per share, for a total transaction of $37,969.68. Following the completion of the transaction, the chief executive officer now directly owns 8,832 shares of the company's stock, valued at approximately $61,735.68. This represents a 159.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 47,580 shares of company stock worth $330,894. Corporate insiders own 2.10% of the company's stock.

Analyst Upgrades and Downgrades

UDMY has been the subject of a number of research analyst reports. Cantor Fitzgerald lowered their price target on Udemy from $11.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Needham & Company LLC restated a "buy" rating and set a $11.00 target price on shares of Udemy in a report on Thursday, May 1st. William Blair cut Udemy from an "outperform" rating to a "market perform" rating in a report on Wednesday, March 12th. Truist Financial restated a "hold" rating and set a $7.00 target price (down from $10.00) on shares of Udemy in a report on Monday, April 7th. Finally, Morgan Stanley upgraded Udemy from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $7.00 to $9.00 in a report on Thursday. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Udemy currently has a consensus rating of "Moderate Buy" and an average price target of $10.05.

Udemy Trading Up 0.7%

NASDAQ:UDMY opened at $7.60 on Friday. The firm has a market cap of $1.13 billion, a P/E ratio of -13.33 and a beta of 1.81. The stock's 50 day simple moving average is $6.79 and its 200-day simple moving average is $7.84. Udemy, Inc. has a 12-month low of $5.68 and a 12-month high of $10.61.

Udemy (NASDAQ:UDMY - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.10 by $0.02. The company had revenue of $200.30 million for the quarter, compared to analyst estimates of $197.19 million. Udemy had a negative net margin of 10.84% and a negative return on equity of 27.93%. The business's revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 EPS. Research analysts forecast that Udemy, Inc. will post -0.09 EPS for the current fiscal 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.

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