Udemy (NASDAQ:UDMY) Shares Gap Down Following Insider Selling

Udemy, Inc. (NASDAQ:UDMY)’s stock price gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $13.81, but opened at $13.51. Udemy shares last traded at $13.85, with a volume of 81,900 shares changing hands.

Specifically, CTO Venu Venugopal sold 10,733 shares of the stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $13.89, for a total transaction of $149,081.37. Following the transaction, the chief technology officer now owns 356,532 shares in the company, valued at $4,952,229.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CTO Venu Venugopal sold 10,733 shares of the business’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $13.89, for a total transaction of $149,081.37. Following the completion of the sale, the chief technology officer now owns 356,532 shares of the company’s stock, valued at $4,952,229.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eren Bali sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $10.51, for a total transaction of $157,650.00. Following the completion of the transaction, the director now directly owns 1,755,238 shares in the company, valued at $18,447,551.38. The disclosure for this sale can be found here. Insiders sold a total of 211,550 shares of company stock worth $2,316,789 in the last three months. Company insiders own 6.20% of the company’s stock.

Analysts Set New Price Targets

UDMY has been the topic of several research reports. Morgan Stanley raised their price target on shares of Udemy from $12.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 7th. Piper Sandler upped their price target on Udemy from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Friday, August 4th. KeyCorp lifted their price objective on Udemy from $12.00 to $13.00 and gave the stock an “overweight” rating in a research report on Friday, November 3rd. Needham & Company LLC dropped their target price on Udemy from $16.00 to $15.00 and set a “buy” rating for the company in a report on Friday, August 4th. Finally, Bank of America reaffirmed a “buy” rating and issued a $13.00 target price on shares of Udemy in a research note on Thursday, October 19th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $13.88.

Udemy Trading Up 0.2 %

The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of -14.54 and a beta of 1.78. The firm’s fifty day moving average price is $10.22 and its 200 day moving average price is $10.33.

Hedge Funds Weigh In On Udemy

Institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its stake in Udemy by 9.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,750 shares of the company’s stock worth $135,000 after purchasing an additional 1,118 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Udemy by 6.1% in the 1st quarter. Renaissance Technologies LLC now owns 19,944 shares of the company’s stock valued at $176,000 after purchasing an additional 1,144 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Udemy by 4.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 30,395 shares of the company’s stock valued at $321,000 after purchasing an additional 1,165 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Udemy by 1.3% during the 3rd quarter. Rhumbline Advisers now owns 113,044 shares of the company’s stock worth $1,074,000 after purchasing an additional 1,462 shares during the last quarter. Finally, Barclays PLC lifted its position in shares of Udemy by 8.6% during the 4th quarter. Barclays PLC now owns 19,609 shares of the company’s stock worth $207,000 after purchasing an additional 1,549 shares during the last quarter. 76.75% of the stock is owned by institutional investors and hedge funds.

Udemy Company Profile

Udemy, Inc operates a marketplace platform for learning skills in the United States and internationally. The company offers technical and business skills, and personal development courses for individual learners and enterprise customers. Its platform provides 59 million learners with access to approximately 2,00,000 courses through direct-to-consumer or Udemy Business offerings in approximately 75 languages.