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Research analysts at Bank of America Corp. started coverage on shares of Chegg (NASDAQ:CHGG) in a report released on Monday, Analyst RN reports. The firm set a “buy” rating and a $11.50 price target on the stock. Bank of America Corp.’s price target suggests a potential upside of 20.17% from the company’s current price.

The analysts wrote, “Chegg is a leading provider of learning media with over 180,000 print and 100,000 eTextbook titles available to rent or purchase and solution sets for over 3,000 of the most popular STEM textbooks. Its cloud-based Student Hub simplifies the complex process of attending college while serving to lower the cost of education. Its content library, early leadership in digital books, and the high capital requirements of book distribution serve as significant competitive moats, and we see few retailers that can effectively compete with Chegg. We are initiating with a Buy and an $11.50 PO.”

Chegg (NASDAQ:CHGG) opened at 9.57 on Monday. Chegg has a one year low of $7.34 and a one year high of $11.25. The stock has a 50-day moving average of $8. and a 200-day moving average of $8.. The company’s market cap is $125.3 million.

In other Chegg news, Director Barry Mccarthy acquired 10,000 shares of the company’s stock on the open market in a transaction dated Tuesday, November 26th. The stock was purchased at an average price of $8.29 per share, with a total value of $82,900.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

A number of other analysts have also recently weighed in on CHGG. Analysts at BMO Capital Markets initiated coverage on shares of Chegg in a research note to investors on Monday. They set a “market perform” rating on the stock. Separately, analysts at Raymond James initiated coverage on shares of Chegg in a research note to investors on Monday. They set an “outperform” rating on the stock. Finally, analysts at Piper Jaffray initiated coverage on shares of Chegg in a research note to investors on Monday. They set an “overweight” rating on the stock. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $12.83.

Chegg, Inc (NASDAQ:CHGG) is the student-first connected learning platform, empowering students to take control of their education to save time, save money and get smarter.

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