Udemy (NASDAQ:UDMY) Shares Gap Up – Here’s What Happened

Shares of Udemy, Inc. (NASDAQ:UDMY) gapped up before the market opened on Wednesday . The stock had previously closed at $5.37, but opened at $7.07. Udemy shares last traded at $6.8070, with a volume of 11,197,101 shares traded.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Zacks Research downgraded shares of Udemy from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 28th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Udemy in a research note on Wednesday, October 8th. Canaccord Genuity Group downgraded Udemy from a “buy” rating to a “hold” rating and cut their price objective for the company from $12.00 to $7.00 in a report on Wednesday. KeyCorp reaffirmed an “overweight” rating on shares of Udemy in a report on Thursday, December 11th. Finally, Wall Street Zen upgraded Udemy from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 7th. Four equities research analysts have rated the stock with a Buy rating, six have assigned 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 an average target price of $9.00.

Udemy Stock Up 4.1%

The company has a market cap of $922.19 million, a P/E ratio of -209.93 and a beta of 1.74. The firm’s 50 day moving average is $5.68 and its two-hundred day moving average is $6.56.

Udemy (NASDAQ:UDMY) last announced its earnings results on Wednesday, October 29th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.10 by $0.03. Udemy had a positive return on equity of 2.11% and a negative net margin of 0.47%.The firm had revenue of $195.68 million for the quarter, compared to the consensus estimate of $193.09 million. During the same period in the previous year, the business earned $0.07 EPS. The business’s quarterly revenue was up .1% compared to the same quarter last year. As a group, research analysts forecast that Udemy, Inc. will post -0.09 EPS for the current fiscal year.

Udemy declared that its board has approved a share buyback program on Wednesday, September 10th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are 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 shares were 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 owned 1,208,046 shares of the company’s stock, valued at approximately $6,342,241.50. This represents a 2.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Udemy

A number of institutional investors have recently modified their holdings of the company. Janney Montgomery Scott LLC acquired a new stake in shares of Udemy during the second quarter worth $340,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in Udemy by 109.1% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 504,823 shares of the company’s stock valued at $3,549,000 after acquiring an additional 263,358 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in Udemy during the second quarter valued at $668,000. Y Intercept Hong Kong Ltd grew its holdings in Udemy by 203.7% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 344,388 shares of the company’s stock worth $2,421,000 after acquiring an additional 230,994 shares during the period. Finally, Nuveen LLC bought a new position in shares of Udemy in the 1st quarter worth about $1,718,000. 79.48% of the stock is owned by institutional investors.

Udemy Company 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.