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Udemy (NASDAQ:UDMY) Given New $16.00 Price Target at Morgan Stanley

Udemy (NASDAQ:UDMY – Get Rating) had its target price reduced by equities researchers at Morgan Stanley from $17.00 to $16.00 in a note issued to investors on Tuesday, Stock Target Advisor reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 37.10% from the company’s current price.

A number of other equities analysts have also issued reports on the company. Piper Sandler lowered Udemy from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $13.00 to $11.00 in a research note on Monday. Cantor Fitzgerald initiated coverage on Udemy in a research note on Tuesday, March 29th. They set an “overweight” rating and a $22.00 price objective for the company. Robert W. Baird reduced their price objective on Udemy from $25.00 to $18.00 in a research note on Thursday, May 5th. Needham & Company LLC reduced their price objective on Udemy from $25.00 to $17.00 in a research note on Thursday, May 5th. Finally, Jefferies Financial Group lifted their price objective on Udemy from $11.00 to $15.00 in a research note on Tuesday, May 31st. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.92.

Udemy Stock Up 4.4 %

NASDAQ UDMY traded up $0.49 during midday trading on Tuesday, hitting $11.67. 12,411 shares of the company traded hands, compared to its average volume of 897,715. The company’s 50-day simple moving average is $12.10 and its 200-day simple moving average is $12.81. Udemy has a 52 week low of $9.47 and a 52 week high of $32.62.

Udemy (NASDAQ:UDMY – Get Rating) last posted its quarterly earnings data on Wednesday, May 4th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.06. The business had revenue of $152.20 million during the quarter, compared to analyst estimates of $146.63 million. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.21) EPS. As a group, analysts expect that Udemy will post -0.93 EPS for the current fiscal year.

Institutional Trading of Udemy

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Daiwa Securities Group Inc. acquired a new position in Udemy in the 4th quarter valued at about $25,000. Point72 Hong Kong Ltd acquired a new position in Udemy in the 4th quarter valued at about $26,000. FNY Investment Advisers LLC acquired a new position in Udemy in the 1st quarter valued at about $37,000. Lazard Asset Management LLC acquired a new position in Udemy in the 1st quarter valued at about $46,000. Finally, New York State Common Retirement Fund acquired a new position in Udemy in the 4th quarter valued at about $49,000. 66.69% of the stock is owned by institutional investors and hedge funds.

Udemy Company Profile

(Get Rating)Udemy, Inc operates a marketplace platform for teaching and 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 49 million learners with access to approximately 180,000 courses through direct-to-consumer or Udemy Business offerings in approximately 75 languages.

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