Brokerages Anticipate Chegg, Inc. (CHGG) Will Announce Quarterly Sales of $57.58 Million
Equities analysts expect Chegg, Inc. (NYSE:CHGG) to post sales of $57.58 million for the current quarter, Zacks reports. Six analysts have provided estimates for Chegg’s earnings. The lowest sales estimate is $57.00 million and the highest is $58.30 million. Chegg reported sales of $71.34 million in the same quarter last year, which would suggest a negative year over year growth rate of 19.3%. The business is expected to report its next earnings results on Monday, November 6th.
According to Zacks, analysts expect that Chegg will report full-year sales of $57.58 million for the current financial year, with estimates ranging from $239.92 million to $244.32 million. For the next year, analysts anticipate that the business will report sales of $298.49 million per share, with estimates ranging from $292.00 million to $304.30 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Chegg.
Chegg (NYSE:CHGG) last posted its quarterly earnings results on Tuesday, July 25th. The technology company reported ($0.04) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.08. The business had revenue of $56.30 million during the quarter, compared to analyst estimates of $53.33 million. Chegg had a negative return on equity of 8.10% and a negative net margin of 11.83%. The business’s revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 EPS.
CHGG has been the topic of a number of research reports. Jefferies Group LLC reissued a “buy” rating and issued a $13.00 target price on shares of Chegg in a research note on Friday, June 23rd. Lake Street Capital reissued a “buy” rating and issued a $12.00 target price (up previously from $9.00) on shares of Chegg in a research note on Tuesday, May 2nd. Zacks Investment Research raised shares of Chegg from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a research note on Friday, May 5th. Northland Securities reissued a “buy” rating and issued a $16.00 target price on shares of Chegg in a research note on Friday, July 28th. Finally, BidaskClub downgraded shares of Chegg from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 2nd. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $13.32.
Chegg (NYSE CHGG) traded down 0.14% during trading on Friday, hitting $14.54. 413,962 shares of the company’s stock traded hands. Chegg has a 12-month low of $6.51 and a 12-month high of $15.95. The firm’s 50-day moving average price is $13.92 and its 200 day moving average price is $10.66. The stock’s market cap is $1.40 billion.
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In related news, insider Nathan J. Schultz sold 15,276 shares of Chegg stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $12.00, for a total transaction of $183,312.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Andrew J. Brown sold 100,000 shares of Chegg stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $12.50, for a total transaction of $1,250,000.00. Following the sale, the insider now directly owns 678,760 shares in the company, valued at approximately $8,484,500. The disclosure for this sale can be found here. Insiders have sold a total of 572,244 shares of company stock worth $7,592,478 in the last ninety days. 20.40% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in CHGG. Gilder Gagnon Howe & Co. LLC purchased a new stake in Chegg during the second quarter valued at about $55,365,000. Fred Alger Management Inc. purchased a new stake in Chegg during the second quarter valued at about $31,014,000. Russell Investments Group Ltd. increased its stake 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 valued at $25,833,000 after buying an additional 1,700,195 shares during the period. Norges Bank purchased a new stake in Chegg during the fourth quarter valued at about $6,251,000. Finally, Westfield Capital Management Co. LP purchased a new stake in Chegg during the second quarter valued at about $10,373,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.
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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