Chegg, Inc. (CHGG) Receives Average Rating of “Buy” from Analysts
Shares of Chegg, Inc. (NYSE:CHGG) have received an average rating of “Buy” from the thirteen ratings firms that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $15.25.
CHGG has been the subject of several research analyst reports. Barrington Research reissued an “outperform” rating on shares of Chegg in a research note on Friday, June 23rd. First Analysis increased their price objective on Chegg from $12.00 to $14.00 and gave the stock an “overweight” rating in a research note on Monday, May 22nd. Zacks Investment Research downgraded Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Jefferies Group LLC reissued a “buy” rating and issued a $17.00 price objective on shares of Chegg in a research note on Thursday, September 7th. Finally, Lake Street Capital downgraded Chegg from a “buy” rating to a “hold” rating and increased their price objective for the stock from $12.00 to $14.00 in a research note on Wednesday, July 26th.
Shares of Chegg (NYSE CHGG) traded down 0.41% on Friday, reaching $14.59. 1,884,891 shares of the company traded hands. The company’s market capitalization is $1.40 billion. Chegg has a 52-week low of $6.51 and a 52-week high of $15.95. The firm has a 50-day moving average of $14.52 and a 200-day moving average of $11.63.
Chegg (NYSE:CHGG) last released its quarterly earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.08). Chegg had a negative net margin of 11.83% and a negative return on equity of 8.10%. The company had revenue of $56.30 million during the quarter, compared to analyst estimates of $53.33 million. During the same quarter last year, the business earned $0.05 EPS. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities research analysts forecast that Chegg will post $0.24 earnings per share for the current fiscal year.
In other news, insider Charles Geiger sold 50,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $12.13, for a total transaction of $606,500.00. Following the completion of the sale, the insider now directly owns 536,500 shares of the company’s stock, valued at approximately $6,507,745. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew J. Brown sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $14.00, for a total value of $1,400,000.00. Following the sale, the insider now directly owns 678,760 shares of the company’s stock, valued at $9,502,640. The disclosure for this sale can be found here. Insiders have sold a total of 402,268 shares of company stock valued at $5,540,618 over the last ninety days. Company insiders own 20.40% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Sylebra HK Co Ltd raised its stake in shares of Chegg by 0.5% during the 1st quarter. Sylebra HK Co Ltd now owns 6,699,049 shares of the technology company’s stock worth $56,540,000 after purchasing an additional 30,164 shares in the last quarter. Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Chegg during the 2nd quarter worth about $55,365,000. TimesSquare Capital Management LLC raised its stake in shares of Chegg by 0.7% during the 1st quarter. TimesSquare Capital Management LLC now owns 4,491,510 shares of the technology company’s stock worth $37,908,000 after purchasing an additional 31,765 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Chegg by 22.7% during the 2nd quarter. Vanguard Group Inc. now owns 3,232,947 shares of the technology company’s stock worth $39,733,000 after purchasing an additional 597,063 shares in the last quarter. Finally, Fred Alger Management Inc. purchased a new stake in shares of Chegg during the 2nd quarter worth about $31,014,000. 84.80% of the stock is owned by institutional investors.
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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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