Chegg Inc. (NYSE:CHGG) Given Average Rating of “Buy” by Analysts
Chegg Inc. (NYSE:CHGG) has received a consensus rating of “Buy” from the ten research firms that are presently covering the firm. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $8.86.
CHGG has been the subject of several analyst reports. Barrington Research raised their price target on shares of Chegg from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Thursday, September 29th. TheStreet raised shares of Chegg from a “sell” rating to a “hold” rating in a research note on Tuesday, August 2nd. BMO Capital Markets reaffirmed an “outperform” rating and set a $7.00 price target (up previously from $6.00) on shares of Chegg in a research note on Wednesday, August 3rd. Piper Jaffray Cos. lifted their target price on shares of Chegg from $6.00 to $7.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 2nd. Finally, Jefferies Group reissued a “buy” rating and set a $12.00 target price on shares of Chegg in a research note on Monday, August 1st.
Shares of Chegg (NYSE:CHGG) traded up 0.14% during trading on Monday, reaching $7.26. 77,734 shares of the company were exchanged. The stock’s 50-day moving average is $7.02 and its 200-day moving average is $5.52. The firm’s market cap is $660.86 million. Chegg has a 52-week low of $3.15 and a 52-week high of $8.03.
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Chegg (NYSE:CHGG) last issued its earnings results on Monday, August 1st. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. Chegg had a negative net margin of 16.81% and a negative return on equity of 15.55%. The firm had revenue of $53 million for the quarter, compared to analyst estimates of $67.10 million. During the same quarter last year, the business posted $0.01 earnings per share. The company’s quarterly revenue was down 20.9% on a year-over-year basis. Equities research analysts predict that Chegg will post $0.10 earnings per share for the current fiscal year.
In other Chegg news, insider Charles Geiger sold 45,000 shares of the firm’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $6.52, for a total value of $293,400.00. Following the completion of the sale, the insider now directly owns 296,731 shares in the company, valued at $1,934,686.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 18.00% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. American International Group Inc. boosted its position in shares of Chegg by 3.3% in the second quarter. American International Group Inc. now owns 46,347 shares of the company’s stock worth $232,000 after buying an additional 1,499 shares in the last quarter. BlackRock Advisors LLC boosted its position in shares of Chegg by 7.1% in the second quarter. BlackRock Advisors LLC now owns 34,741 shares of the company’s stock worth $174,000 after buying an additional 2,300 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Chegg by 1.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 201,129 shares of the company’s stock worth $1,006,000 after buying an additional 2,520 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Chegg by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 263,511 shares of the company’s stock worth $1,318,000 after buying an additional 3,144 shares in the last quarter. Finally, Teachers Advisors Inc. boosted its position in shares of Chegg by 5.2% in the second quarter. Teachers Advisors Inc. now owns 126,799 shares of the company’s stock worth $634,000 after buying an additional 6,312 shares in the last quarter. Hedge funds and other institutional investors own 67.20% of the company’s stock.
Chegg Company Profile
Chegg, Inc is a student-first connected learning platform. The Company helps students study for college admission exams, find the colleges, get grades and test scores while in school, and find internships that allow them to gain skills to help them enter the workforce after college. It matches domestic and international students with colleges, universities and other academic institutions (collectively referred to as colleges) in the United States.
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