Chegg, Inc. (CHGG) Given New $18.00 Price Target at BMO Capital Markets
Chegg, Inc. (NYSE:CHGG) had its price target boosted by research analysts at BMO Capital Markets from $14.25 to $18.00 in a report issued on Wednesday. The firm currently has an “outperform” rating on the technology company’s stock. BMO Capital Markets’ price target indicates a potential upside of 18.03% from the stock’s previous close.
Several other equities research analysts have also recently weighed in on CHGG. Craig Hallum raised Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, April 4th. Northland Securities started coverage on Chegg in a research note on Tuesday, April 11th. They issued an “outperform” rating and a $11.50 price target for the company. UBS AG raised Chegg from a “market perform” rating to an “outperform” rating in a research note on Tuesday, May 2nd. Raymond James Financial, Inc. raised Chegg from a “market perform” rating to an “outperform” rating and set a $12.00 price target for the company in a research note on Tuesday, May 2nd. Finally, Lake Street Capital reissued a “buy” rating and issued a $12.00 price target (up previously from $9.00) on shares of Chegg in a research note on Tuesday, May 2nd. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Chegg has an average rating of “Buy” and a consensus target price of $12.17.
Shares of Chegg (NYSE CHGG) traded up 7.02% during mid-day trading on Wednesday, reaching $15.25. The company had a trading volume of 4,067,186 shares. The firm’s 50-day moving average price is $12.67 and its 200 day moving average price is $9.77. Chegg has a 52-week low of $5.28 and a 52-week high of $15.37. The company’s market cap is $1.44 billion.
Chegg (NYSE:CHGG) last issued its earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by $0.08. Chegg had a negative return on equity of 9.88% and a negative net margin of 13.18%. The firm had revenue of $56.30 million during the quarter, compared to analyst estimates of $53.33 million. During the same period in the previous year, the company earned $0.05 EPS. Chegg’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities analysts expect that Chegg will post $0.22 EPS for the current year.
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In other news, insider Nathan J. Schultz sold 76,380 shares of the firm’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was 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 in the company, valued at $5,870,157.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nathan J. Schultz sold 45,828 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $9.10, for a total value of $417,034.80. Following the completion of the transaction, the insider now owns 643,157 shares in the company, valued at approximately $5,852,728.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 562,484 shares of company stock worth $6,954,404. Corporate insiders own 20.40% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of CHGG. Hamilton Lane Advisors LLC bought a new position in Chegg during the second quarter worth $2,483,000. Parkwood LLC raised its position in Chegg by 8.1% in the second quarter. Parkwood LLC now owns 14,141 shares of the technology company’s stock worth $174,000 after buying an additional 1,064 shares in the last quarter. Acadian Asset Management LLC bought a new position in Chegg during the second quarter worth $8,218,000. Russell Investments Group Ltd. raised its position in Chegg by 423.2% in the second quarter. Russell Investments Group Ltd. now owns 2,101,975 shares of the technology company’s stock worth $25,833,000 after buying an additional 1,700,195 shares in the last quarter. Finally, Bank of Montreal Can bought a new position in Chegg during the second quarter worth $1,229,000. Institutional investors own 77.35% 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. 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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