Zacks Investment Research Lowers Chegg, Inc. (CHGG) to Hold
Chegg, Inc. (NYSE:CHGG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Chegg, Inc. provides a social education platform. The Company rents and sells print textbooks; and provides eTextbooks, supplemental materials, homework help, textbook buyback, courses, and college admissions and scholarship services, as well as offers enrollment marketing and brand advertising services. Chegg, Inc. is headquartered in Santa Clara, California. “
Several other research analysts also recently commented on CHGG. BidaskClub downgraded Chegg from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. J P Morgan Chase & Co reissued an “overweight” rating and issued a $15.00 target price (up from $12.00) on shares of Chegg in a report on Wednesday, July 26th. BMO Capital Markets reissued an “outperform” rating and issued a $18.00 target price (up from $16.00) on shares of Chegg in a report on Wednesday, July 26th. Northland Securities reissued a “buy” rating and issued a $16.00 target price on shares of Chegg in a report on Friday, July 28th. Finally, ValuEngine raised Chegg from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $13.68.
Shares of Chegg (CHGG) traded up 0.61% during mid-day trading on Monday, hitting $14.75. The company had a trading volume of 941,192 shares. The firm’s market cap is $1.42 billion. The firm’s 50 day moving average is $14.56 and its 200-day moving average is $11.78. Chegg has a 12-month low of $6.51 and a 12-month high of $15.95.
Chegg (NYSE:CHGG) last announced its earnings results on Tuesday, July 25th. The technology company reported ($0.04) EPS for the quarter, missing the 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 firm’s revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.05 earnings per share. On average, equities analysts expect that Chegg will post $0.24 EPS for the current year.
In other Chegg news, insider Charles Geiger sold 50,000 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were 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 owns 536,500 shares in the company, valued at approximately $6,507,745. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew J. Brown sold 100,000 shares of the company’s 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 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 ninety days, insiders have sold 452,268 shares of company stock worth $6,267,118. Company insiders own 20.40% of the company’s stock.
Several institutional investors have recently modified their holdings of CHGG. Gilder Gagnon Howe & Co. LLC bought a new stake in shares of Chegg during the 2nd quarter valued at $55,365,000. Fred Alger Management Inc. bought a new stake in shares of Chegg during the 2nd quarter valued at $31,014,000. Russell Investments Group Ltd. raised its position in shares of Chegg by 423.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,101,975 shares of the technology company’s stock valued at $25,833,000 after acquiring an additional 1,700,195 shares during the last quarter. Lord Abbett & CO. LLC raised its position in shares of Chegg by 113.7% during the 2nd quarter. Lord Abbett & CO. LLC now owns 2,117,780 shares of the technology company’s stock valued at $26,028,000 after acquiring an additional 1,126,806 shares during the last quarter. Finally, Westfield Capital Management Co. LP bought a new stake in shares of Chegg during the 2nd quarter valued at $10,373,000. Institutional investors own 84.80% 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Chegg Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chegg Inc. and related companies with MarketBeat.com's FREE daily email newsletter.