Chegg, Inc. (CHGG) Given “Buy” Rating at Jefferies Group LLC
Chegg, Inc. (NYSE:CHGG)‘s stock had its “buy” rating reiterated by research analysts at Jefferies Group LLC in a report released on Thursday. They currently have a $17.00 price target on the technology company’s stock. Jefferies Group LLC’s price objective would suggest a potential upside of 22.30% from the company’s current price.
A number of other brokerages have also issued reports on CHGG. BMO Capital Markets reiterated an “outperform” rating and issued a $18.00 price objective (up previously from $16.00) on shares of Chegg in a report on Wednesday, July 26th. Northland Securities restated a “buy” rating and set a $16.00 price target on shares of Chegg in a report on Friday, July 28th. J P Morgan Chase & Co restated an “overweight” rating and set a $15.00 price target (up previously from $12.00) on shares of Chegg in a report on Wednesday, July 26th. Lake Street Capital lowered shares of Chegg from a “buy” rating to a “hold” rating and raised their price target for the stock from $12.00 to $14.00 in a report on Wednesday, July 26th. Finally, Zacks Investment Research upgraded shares of Chegg from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a report on Friday, July 28th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $13.68.
Chegg (NYSE CHGG) traded up 0.87% during midday trading on Thursday, hitting $13.90. 827,587 shares of the company were exchanged. The stock’s market capitalization is $1.33 billion. The firm’s 50-day moving average price is $14.48 and its 200-day moving average price is $11.37. Chegg has a one year low of $6.51 and a one year high of $15.95.
Chegg (NYSE:CHGG) last issued its quarterly earnings data 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. The business had revenue of $56.30 million during the quarter, compared to the consensus estimate of $53.33 million. Chegg had a negative net margin of 11.83% and a negative return on equity of 8.10%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.05 EPS. Equities research analysts anticipate that Chegg will post $0.24 earnings per share for the current year.
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In other news, insider Charles Geiger sold 70,300 shares of Chegg stock in a transaction on Friday, September 1st. The shares were sold at an average price of $13.84, for a total value of $972,952.00. Following the completion of the sale, the insider now owns 543,468 shares in the company, valued at approximately $7,521,597.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew J. Brown sold 100,000 shares of Chegg stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $14.00, for a total transaction of $1,400,000.00. Following the completion of the sale, the insider now owns 678,760 shares of the company’s stock, valued at approximately $9,502,640. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 427,268 shares of company stock valued at $5,832,118. Company insiders own 20.40% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. bought a new stake in shares of Chegg in the 2nd quarter valued at $104,000. BNP Paribas Arbitrage SA increased its stake in shares of Chegg by 1,829.9% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock valued at $111,000 after acquiring an additional 8,582 shares in the last quarter. Stifel Financial Corp bought a new stake in shares of Chegg in the 2nd quarter valued at $116,000. Cipher Capital LP bought a new stake in shares of Chegg in the 2nd quarter valued at $127,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Chegg in the 2nd quarter valued at $132,000. Institutional investors own 84.80% of the company’s stock.
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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