Gregory Scott Brown, the President and CEO of Udemy, Inc. (NASDAQ:UDMY), recently sold 10,000 shares of the company’s common stock. The shares were sold at a weighted average price of $8.706, with the transaction executed on December 6, 2024. This sale, amounting to a total of $87,060, was conducted under a Rule 10b5-1 trading plan, which Brown adopted on March 4, 2024. Following this transaction, Brown retains ownership of 1,183,086 shares of Udemy stock. The shares were sold in multiple trades at prices ranging from $8.57 to $8.78. According to InvestingPro analysis, which offers comprehensive insider trading patterns and Fair Value assessments, the stock appears slightly undervalued at current levels. Subscribers can access 8 additional ProTips and detailed insider trading analysis in the Pro Research Report.
In other recent news, Udemy, an online learning platform, reported a 6% year-over-year revenue increase to $195 million in the third quarter of 2024. This growth is attributed to a strategic focus on large enterprise customers, which now account for approximately 75% of revenue. Additionally, Udemy's annual recurring revenue (ARR) experienced a 14% growth, exceeding $500 million. The company's adjusted EBITDA margins reached record highs, contributing to significant profitability improvements.
Udemy also announced the appointment of two new members to its Board of Directors, Marylou Maco and Debra Chrapaty, both technology sector veterans. This move is part of Udemy's ongoing efforts to expand its market presence and leverage emerging technologies.
In recent developments, Udemy has raised its full-year 2024 revenue outlook to $780-$783 million, despite a decline in consumer revenue. The company's founder, Eren Bali, has rejoined as CTO, focusing on product strategy and operational efficiency. Finally, Udemy's partnership with Workday (NASDAQ:WDAY), integrating Udemy's content with Workday's skills cloud, is anticipated to promote internal mobility and customer engagement.
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