Chegg, Inc. (NYSE:CHGG) Issues Earnings Results
Chegg, Inc. (NYSE:CHGG) issued its earnings results on Tuesday. The technology company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02, Bloomberg Earnings reports. The firm had revenue of $56.30 million during the quarter, compared to analyst estimates of $53.33 million. Chegg had a negative net margin of 13.18% and a negative return on equity of 9.88%. The company’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the business earned $0.05 earnings per share.
Chegg (NYSE CHGG) traded up 0.21% during trading on Tuesday, hitting $14.25. 1,782,353 shares of the stock were exchanged. The firm’s market capitalization is $1.35 billion. The company has a 50-day moving average price of $12.67 and a 200 day moving average price of $9.77. Chegg has a 1-year low of $5.28 and a 1-year high of $14.40.
In related news, insider Nathan J. Schultz sold 45,828 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $9.10, for a total transaction of $417,034.80. Following the completion of the transaction, the insider now directly owns 643,157 shares in the company, valued at approximately $5,852,728.70. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Nathan J. Schultz sold 76,380 shares of the business’s stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $10.73, for a total value of $819,557.40. Following the transaction, the insider now owns 547,079 shares of the company’s stock, valued at $5,870,157.67. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 562,484 shares of company stock valued at $6,954,404. 20.40% of the stock is currently owned by corporate insiders.
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A number of brokerages have weighed in on CHGG. Craig Hallum upgraded shares of Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, April 4th. UBS AG upgraded shares of Chegg from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 2nd. Jefferies Group LLC increased their target price on shares of Chegg from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, May 2nd. BMO Capital Markets reiterated an “outperform” rating and set a $12.00 target price (up previously from $10.00) on shares of Chegg in a research report on Wednesday, May 3rd. Finally, Lake Street Capital reiterated a “buy” rating and set a $12.00 target price (up previously from $9.00) on shares of Chegg in a research report on Tuesday, May 2nd. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $11.08.
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. The Company 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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