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Udemy (NASDAQ:UDMY) Downgraded to “Neutral” at Piper Sandler

Piper Sandler cut shares of Udemy (NASDAQ:UDMYGet Rating) from an overweight rating to a neutral rating in a research note released on Monday morning, The Fly reports. Piper Sandler currently has $11.00 price objective on the stock, down from their prior price objective of $13.00.

UDMY has been the topic of several other reports. Jefferies Financial Group raised their price objective on shares of Udemy from $11.00 to $15.00 in a research report on Tuesday, May 31st. Robert W. Baird decreased their price objective on shares of Udemy from $25.00 to $18.00 in a research report on Thursday, May 5th. Cantor Fitzgerald assumed coverage on shares of Udemy in a research report on Tuesday, March 29th. They set an overweight rating and a $22.00 price objective on the stock. Needham & Company LLC decreased their price objective on shares of Udemy from $25.00 to $17.00 in a research report on Thursday, May 5th. Finally, KeyCorp reduced their price target on shares of Udemy from $20.00 to $15.00 in a report on Thursday, May 5th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Udemy currently has a consensus rating of Moderate Buy and an average target price of $25.58.

Udemy Trading Down 0.3 %

UDMY opened at $11.18 on Monday. Udemy has a 1-year low of $9.47 and a 1-year high of $32.62. The firm’s 50 day simple moving average is $12.10 and its two-hundred day simple moving average is $12.81.

Udemy (NASDAQ:UDMYGet Rating) last released its quarterly earnings results on Wednesday, May 4th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.06. The business had revenue of $152.20 million during the quarter, compared to the consensus estimate of $146.63 million. During the same quarter in the previous year, the business posted ($0.21) earnings per share. The firm’s revenue was up 22.2% on a year-over-year basis. As a group, sell-side analysts predict that Udemy will post -0.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Udemy

A number of institutional investors and hedge funds have recently made changes to their positions in UDMY. Naspers Ltd. purchased a new position in shares of Udemy in the 4th quarter worth $334,541,000. Caledonia Private Investments Pty Ltd purchased a new position in shares of Udemy during the 4th quarter worth about $53,883,000. Industry Ventures L.L.C. purchased a new position in shares of Udemy during the 4th quarter worth about $16,948,000. Credit Suisse AG purchased a new position in shares of Udemy during the 4th quarter worth about $11,964,000. Finally, Liberty Street Advisors Inc. purchased a new position in shares of Udemy during the 4th quarter worth about $8,088,000. 66.69% of the stock is owned by hedge funds and other institutional investors.

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