Udemy (NASDAQ:UDMY) Upgraded by Morgan Stanley to Equal Weight Rating

Morgan Stanley upgraded shares of Udemy (NASDAQ:UDMY - Free Report) from an underweight rating to an equal weight rating in a research note issued to investors on Thursday, Marketbeat reports. They currently have $9.00 price target on the stock, up from their prior price target of $7.00.

Other analysts also recently issued reports about the stock. Robert W. Baird reduced their price target on shares of Udemy from $13.00 to $11.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Canaccord Genuity Group lowered their price objective on shares of Udemy from $14.00 to $12.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Cantor Fitzgerald reduced their price target on shares of Udemy from $11.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. JPMorgan Chase & Co. reduced their price objective on shares of Udemy from $11.00 to $8.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Finally, Truist Financial reaffirmed a "hold" rating and issued a $7.00 price objective (down from $10.00) on shares of Udemy in a report on Monday, April 7th. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Udemy has an average rating of "Moderate Buy" and an average target price of $10.05.

Udemy Price Performance

NASDAQ UDMY traded down $0.14 during trading on Thursday, hitting $7.55. 887,932 shares of the company's stock traded hands, compared to its average volume of 979,038. The firm has a market cap of $1.12 billion, a P/E ratio of -13.25 and a beta of 1.81. The stock has a fifty day moving average of $6.79 and a two-hundred day moving average of $7.84. Udemy has a 12-month low of $5.68 and a 12-month high of $10.61.

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

Insider Buying and Selling

In other Udemy news, CTO Eren Bali sold 10,000 shares of the company's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $8.02, for a total value of $80,200.00. Following the sale, the chief technology officer now owns 2,146,050 shares of the company's stock, valued at $17,211,321. This represents a 0.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hugo Sarrazin acquired 22,695 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was purchased at an average cost of $6.91 per share, with a total value of $156,822.45. Following the transaction, the chief executive officer now owns 47,580 shares of the company's stock, valued at approximately $328,777.80. The trade was a 91.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 47,580 shares of company stock worth $330,894 in the last ninety days. 2.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Udemy

Institutional investors and hedge funds have recently bought and sold shares of the stock. SBI Securities Co. Ltd. acquired a new position in Udemy during the fourth quarter worth approximately $31,000. Quarry LP acquired a new position in Udemy during the fourth quarter worth approximately $34,000. Vega Investment Solutions acquired a new position in Udemy during the fourth quarter worth approximately $46,000. GAMMA Investing LLC increased its position in Udemy by 558.3% during the first quarter. GAMMA Investing LLC now owns 6,945 shares of the company's stock worth $54,000 after purchasing an additional 5,890 shares during the last quarter. Finally, State of Wyoming purchased a new stake in Udemy during the fourth quarter worth approximately $59,000. Institutional investors and hedge funds 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.