Udemy (NASDAQ:UDMY) Rating Lowered to Neutral at Bank of America

Bank of America lowered shares of Udemy (NASDAQ:UDMY) from a buy rating to a neutral rating in a research note released on Thursday morning, Marketbeat reports. Bank of America currently has $8.50 target price on the stock.

UDMY has been the subject of several other research reports. KeyCorp dropped their price target on shares of Udemy from $14.00 to $13.00 and set an overweight rating for the company in a research note on Monday, July 22nd. Robert W. Baird lowered their target price on shares of Udemy from $13.00 to $11.00 and set an outperform rating for the company in a research note on Thursday. Morgan Stanley decreased their price target on shares of Udemy from $15.00 to $13.00 and set an equal weight rating for the company in a research note on Friday, April 19th. Cantor Fitzgerald reaffirmed an overweight rating and issued a $20.00 price target on shares of Udemy in a research note on Friday, May 3rd. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $15.00 price target on shares of Udemy in a research note on Friday, May 3rd. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $12.45.

Udemy Stock Performance

UDMY stock opened at $7.41 on Thursday. The company has a fifty day moving average price of $8.50 and a 200-day moving average price of $10.28. The company has a market capitalization of $1.13 billion, a P/E ratio of -13.98 and a beta of 2.01. Udemy has a 52-week low of $6.92 and a 52-week high of $16.01.

Udemy (NASDAQ:UDMY) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.02. The firm had revenue of $196.85 million during the quarter, compared to the consensus estimate of $194.83 million. Udemy had a negative net margin of 11.39% and a negative return on equity of 25.00%. As a group, sell-side analysts forecast that Udemy will post -0.45 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Gregory Scott Brown sold 10,000 shares of Udemy stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $8.50, for a total transaction of $85,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,273,406 shares in the company, valued at $10,823,951. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Gregory Scott Brown sold 10,000 shares of Udemy stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $8.50, for a total transaction of $85,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,273,406 shares in the company, valued at $10,823,951. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Venu Venugopal sold 7,086 shares of Udemy stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $9.89, for a total transaction of $70,080.54. Following the transaction, the chief technology officer now owns 429,927 shares of the company’s stock, valued at $4,251,978.03. The disclosure for this sale can be found here. Insiders sold 79,486 shares of company stock worth $740,941 over the last three months. 3.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its holdings in Udemy by 9.7% during the second quarter. Rhumbline Advisers now owns 131,847 shares of the company’s stock worth $1,138,000 after purchasing an additional 11,699 shares during the last quarter. Versor Investments LP purchased a new position in Udemy during the second quarter worth about $313,000. Bank of New York Mellon Corp boosted its holdings in Udemy by 18.1% during the second quarter. Bank of New York Mellon Corp now owns 330,044 shares of the company’s stock worth $2,848,000 after purchasing an additional 50,473 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Udemy by 102.9% during the second quarter. Assenagon Asset Management S.A. now owns 117,556 shares of the company’s stock worth $1,015,000 after purchasing an additional 59,614 shares during the last quarter. Finally, Industry Ventures L.L.C. purchased a new position in Udemy during the second quarter worth about $3,452,000. 79.48% of the stock is currently owned by hedge funds and other institutional investors.

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.