Invenomic Capital Management LP Cuts Stock Holdings in Udemy, Inc. (NASDAQ:UDMY)

Invenomic Capital Management LP cut its holdings in shares of Udemy, Inc. (NASDAQ:UDMY - Free Report) by 10.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,172,334 shares of the company's stock after selling 251,188 shares during the period. Invenomic Capital Management LP owned 1.49% of Udemy worth $17,878,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in UDMY. MetLife Investment Management LLC increased its position in shares of Udemy by 6.2% in the 4th quarter. MetLife Investment Management LLC now owns 59,465 shares of the company's stock valued at $489,000 after acquiring an additional 3,450 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Udemy in the 4th quarter valued at $31,000. Quarry LP acquired a new position in shares of Udemy in the 4th quarter valued at $34,000. Price T Rowe Associates Inc. MD increased its position in shares of Udemy by 14.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,064 shares of the company's stock valued at $297,000 after acquiring an additional 4,418 shares during the period. Finally, Handelsbanken Fonder AB increased its position in shares of Udemy by 45.2% in the 4th quarter. Handelsbanken Fonder AB now owns 15,100 shares of the company's stock valued at $124,000 after acquiring an additional 4,700 shares during the period. 79.48% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Udemy

In other news, Director Heather Hiles sold 14,840 shares of the company's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $9.81, for a total value 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 approximately $418,563.27. This represents a 25.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Eren Bali sold 69,482 shares of the company's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $9.00, for a total transaction of $625,338.00. Following the completion of the sale, the chief technology officer now directly owns 2,156,050 shares of the company's stock, valued at $19,404,450. The trade was a 3.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,168 shares of company stock valued at $952,186 over the last ninety days. Insiders own 2.10% of the company's stock.

Udemy Price Performance

Udemy stock traded up $0.02 during midday trading on Wednesday, reaching $7.16. The company had a trading volume of 135,443 shares, compared to its average volume of 973,509. The firm's fifty day simple moving average is $7.27 and its 200-day simple moving average is $7.97. The company has a market capitalization of $1.06 billion, a P/E ratio of -12.54 and a beta of 1.82. 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 posted its earnings results on Wednesday, April 30th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.02. The firm had revenue of $200.30 million during the quarter, compared to the consensus estimate of $197.19 million. Udemy had a negative net margin of 10.84% and a negative return on equity of 27.93%. The firm's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.03 EPS. On average, analysts expect that Udemy, Inc. will post -0.09 EPS for the current fiscal year.

Analysts Set New Price Targets

UDMY has been the topic of several research reports. Needham & Company LLC reissued a "buy" rating and issued a $11.00 target price on shares of Udemy in a research report on Thursday, May 1st. Robert W. Baird cut their price target on Udemy from $13.00 to $11.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Morgan Stanley cut their price target on Udemy from $9.00 to $7.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 16th. Truist Financial reaffirmed a "hold" rating and set a $7.00 price target (down from $10.00) on shares of Udemy in a research report on Monday, April 7th. Finally, Canaccord Genuity Group cut their price target on Udemy from $14.00 to $12.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, Udemy presently has an average rating of "Moderate Buy" and a consensus target price of $9.86.

Udemy Profile

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.