Chegg, Inc. (CHGG) Downgraded by Zacks Investment Research
Chegg, Inc. (NYSE:CHGG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
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 have also commented on the company. Jefferies Group LLC reaffirmed a “buy” rating and set a $17.00 price target on shares of Chegg in a research report on Thursday, September 7th. Northland Securities reaffirmed a “buy” rating and set a $16.00 price target on shares of Chegg in a research report on Tuesday, August 29th. BidaskClub lowered Chegg from a “buy” rating to a “hold” rating in a research report on Saturday, August 26th. BMO Capital Markets reaffirmed an “outperform” rating and set a $18.00 price target (up previously from $16.00) on shares of Chegg in a research report on Wednesday, July 26th. Finally, J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $15.00 price target (up previously from $12.00) on shares of Chegg in a research report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. Chegg presently has an average rating of “Buy” and an average target price of $13.68.
Chegg (NYSE CHGG) traded up 2.04% during trading on Wednesday, hitting $15.48. 1,781,447 shares of the stock traded hands. The company’s 50 day moving average price is $14.56 and its 200 day moving average price is $12.28. The company’s market cap is $1.49 billion. Chegg has a 12 month low of $6.51 and a 12 month high of $15.95.
Chegg (NYSE:CHGG) last posted its earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.08). The business had revenue of $56.30 million for the quarter, compared to analysts’ expectations of $53.33 million. Chegg had a negative return on equity of 8.10% and a negative net margin of 11.83%. Chegg’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 EPS. On average, equities research analysts anticipate that Chegg will post $0.24 EPS for the current fiscal year.
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In other news, insider Charles Geiger sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $15.28, for a total value of $764,000.00. Following the transaction, the insider now owns 561,500 shares of the company’s stock, valued at $8,579,720. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Dave Jr. Borders sold 13,256 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $15.06, for a total value of $199,635.36. Following the completion of the transaction, the general counsel now directly owns 443,810 shares in the company, valued at approximately $6,683,778.60. The disclosure for this sale can be found here. In the last three months, insiders sold 472,494 shares of company stock worth $6,712,525. Corporate insiders own 20.40% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CHGG. US Bancorp DE increased its holdings in shares of Chegg by 4.3% in the first quarter. US Bancorp DE now owns 11,868 shares of the technology company’s stock valued at $100,000 after purchasing an additional 488 shares during the period. PNC Financial Services Group Inc. acquired a new position in shares of Chegg in the second quarter valued at approximately $104,000. BNP Paribas Arbitrage SA increased its holdings in shares of Chegg by 1,829.9% in the second quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock valued at $111,000 after purchasing an additional 8,582 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Chegg by 7.2% in the first quarter. Principal Financial Group Inc. now owns 13,743 shares of the technology company’s stock valued at $116,000 after purchasing an additional 926 shares during the period. Finally, Stifel Financial Corp acquired a new position in shares of Chegg in the second quarter valued at approximately $116,000. 84.80% of the stock is currently owned by institutional investors and hedge funds.
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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