Udemy

UDMY · NASDAQ

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UDMY analyst rating

BuyConsensus of 4 analysts over the last 12 months. 50% rate it a buy.

Strong buy0
Buy2
Hold2
Underperform0
Sell0

12-month price target · 7 analysts

Average $8.88

Low: $8.08
High: $10.50

Upgrades and downgrades

The latest rating actions, newest first

UDMY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Keybanc	Jan 13, 2026	Downgrade	Overweight → Sector Weight	—	100%
Canaccord Genuity	Dec 17, 2025	Downgrade	Buy → Hold	$12.00 → $7.00	36%
Canaccord Genuity	Oct 30, 2025	Maintains	Buy	$12.00	36%
Keybanc	Oct 30, 2025	Maintains	Overweight	$11.00 → $9.00	53%
Needham	Oct 30, 2025	Maintains	Buy	$11.00	46%

The case for and against

Updated Apr 17, 2026

Bull case

Udemy Inc. demonstrated positive financial momentum with its Enterprise segment achieving a 5.0% year-over-year revenue growth to $132.8 million, now contributing 67.9% of total revenue, indicating strong customer adoption and large deal activity. The Consumer segment also showed resilience, with gross margins expanding by 300 basis points year-over-year to 57.0% driven by the growth of the consumer subscription segment, which now represents 19% of its revenues. Additionally, Udemy's adjusted EBITDA exceeded expectations at $24.3 million, driven by revenue growth and operational efficiency, reflecting the company's ability to adapt and thrive within a competitive learning marketplace.

Bear case

Udemy Inc has reported a 9.2% year-over-year decline in Consumer revenue for the third quarter, which casts doubt on the stability of this segment despite beating estimates. The company is facing challenges with Net Dollar Retention Rate (NDRR) dropping to 93%, as upsells take longer than usual, indicating potential difficulties in revenue generation from existing customers. Moreover, the fourth-quarter revenue guidance forecasts a 3-5% year-over-year decline, with Consumer revenues expected to decrease in the high teens, reflecting an overall pressured outlook for Udemy's financial performance.

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