Udemy, Inc. (NASDAQ:UDMY) Major Shareholder Ltd Naspers Sells 3,200,000 Shares of Stock

Udemy, Inc. (NASDAQ:UDMY) major shareholder Ltd Naspers sold 3,200,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $7.84, for a total value of $25,088,000.00. Following the sale, the insider now directly owns 13,920,840 shares in the company, valued at approximately $109,139,385.60. This trade represents a 18.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Udemy Price Performance

Shares of Udemy stock opened at $7.44 on Thursday. Udemy, Inc. has a 52 week low of $6.67 and a 52 week high of $14.74. The stock has a 50 day moving average price of $8.16 and a two-hundred day moving average price of $8.09.

Udemy (NASDAQ:UDMY) last announced its earnings results on Tuesday, October 29th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.06. The company had revenue of $195.42 million for the quarter, compared to analysts’ expectations of $192.69 million. Udemy had a negative return on equity of 29.36% and a negative net margin of 12.33%. Udemy’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. As a group, sell-side analysts predict that Udemy, Inc. will post -0.47 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Sea Cliff Partners Management LP boosted its position in shares of Udemy by 27.9% during the second quarter. Sea Cliff Partners Management LP now owns 3,725,865 shares of the company’s stock valued at $32,154,000 after buying an additional 811,702 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Udemy by 0.3% during the third quarter. Geode Capital Management LLC now owns 2,216,868 shares of the company’s stock valued at $16,497,000 after buying an additional 5,972 shares during the last quarter. State Street Corp boosted its position in shares of Udemy by 0.8% during the third quarter. State Street Corp now owns 1,934,473 shares of the company’s stock valued at $14,392,000 after buying an additional 15,339 shares during the last quarter. FMR LLC boosted its position in shares of Udemy by 2.8% during the third quarter. FMR LLC now owns 1,330,073 shares of the company’s stock valued at $9,896,000 after buying an additional 36,380 shares during the last quarter. Finally, Royce & Associates LP boosted its position in Udemy by 1.1% in the third quarter. Royce & Associates LP now owns 944,059 shares of the company’s stock worth $7,024,000 after purchasing an additional 10,650 shares during the last quarter. Hedge funds and other institutional investors own 79.48% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Morgan Stanley lowered Udemy from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $10.00 to $7.50 in a research note on Friday, September 27th. Cantor Fitzgerald dropped their target price on Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Udemy in a research report on Friday, January 17th. Finally, Scotiabank initiated coverage on Udemy in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 price objective for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $10.92.

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.