Cantor Fitzgerald Forecasts Strong Price Appreciation for Udemy (NASDAQ:UDMY) Stock

Key Points

• Cantor Fitzgerald raised Udemy's price target from $9.00 to $10.00, suggesting a potential upside of 30.28% from the previous close, while maintaining an "overweight" rating.
• Among other analysts, Morgan Stanley upgraded Udemy from "underweight" to "equal weight," increasing their price target to $9.00, contrasting with some firms lowering their targets.
• Udemy reported $0.16 EPS for its latest quarter, exceeding estimates, and its revenue increased 2.8% year-over-year to $199.88 million.

Udemy (NASDAQ:UDMY - Free Report) had its target price raised by Cantor Fitzgerald from $9.00 to $10.00 in a report released on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently issued reports on UDMY. JPMorgan Chase & Co. cut their target price on shares of Udemy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Robert W. Baird cut their target price on shares of Udemy from $13.00 to $11.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Canaccord Genuity Group cut their target price on shares of Udemy from $14.00 to $12.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Wall Street Zen downgraded shares of Udemy from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. Finally, Morgan Stanley raised shares of Udemy from an "underweight" rating to an "equal weight" rating and boosted their target price for the company from $7.00 to $9.00 in a research note on Thursday, June 5th. Four analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $10.00.

Udemy Trading Up 2.2%

Udemy stock traded up $0.16 during midday trading on Thursday, hitting $7.43. The stock had a trading volume of 1,902,501 shares, compared to its average volume of 1,228,907. The stock has a market cap of $1.12 billion, a P/E ratio of -35.38 and a beta of 1.78. Udemy has a 12 month low of $5.68 and a 12 month high of $10.61. The business has a fifty day moving average price of $7.12 and a 200 day moving average price of $7.51.

Udemy (NASDAQ:UDMY - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.12 by $0.04. Udemy had a negative return on equity of 5.19% and a negative net margin of 3.85%. The company had revenue of $199.88 million during the quarter, compared to analyst estimates of $196.74 million. During the same period in the prior year, the company earned ($0.04) earnings per share. The business's revenue was up 2.8% compared to the same quarter last year. On average, equities analysts anticipate that Udemy will post -0.09 EPS for the current fiscal year.

Insider Buying and Selling at Udemy

In other Udemy news, CFO Sarah Blanchard sold 25,000 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $6.99, for a total transaction of $174,750.00. Following the completion of the sale, the chief financial officer directly owned 1,077,097 shares in the company, valued at $7,528,908.03. This represents a 2.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hugo Sarrazin bought 22,695 shares of Udemy stock in a transaction that occurred on Wednesday, May 21st. The stock was bought at an average price of $6.91 per share, with a total value of $156,822.45. Following the purchase, the chief executive officer owned 47,580 shares of the company's stock, valued at $328,777.80. This trade represents a 91.20% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 47,580 shares of company stock worth $330,894 over the last three months. Company insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On Udemy

Several hedge funds have recently made changes to their positions in the stock. Focus Partners Wealth lifted its stake in Udemy by 1.9% during the first quarter. Focus Partners Wealth now owns 79,437 shares of the company's stock worth $616,000 after purchasing an additional 1,468 shares during the period. Rhumbline Advisers lifted its stake in Udemy by 1.2% during the first quarter. Rhumbline Advisers now owns 132,289 shares of the company's stock worth $1,027,000 after purchasing an additional 1,613 shares during the period. HighTower Advisors LLC lifted its stake in Udemy by 7.8% during the first quarter. HighTower Advisors LLC now owns 22,551 shares of the company's stock worth $175,000 after purchasing an additional 1,641 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Udemy by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 54,071 shares of the company's stock worth $420,000 after purchasing an additional 2,399 shares during the period. Finally, MetLife Investment Management LLC lifted its stake in Udemy by 6.2% during the fourth quarter. MetLife Investment Management LLC now owns 59,465 shares of the company's stock worth $489,000 after purchasing an additional 3,450 shares during the period. Institutional investors own 79.48% of the company's stock.

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.