Chegg, Inc. (CHGG) Issues Quarterly Earnings Results
Chegg, Inc. (NYSE:CHGG) issued its earnings results on Monday. The technology company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.02, Bloomberg Earnings reports. Chegg had a negative net margin of 11.83% and a negative return on equity of 8.10%. The company had revenue of $62.60 million for the quarter, compared to analyst estimates of $57.75 million. During the same period in the prior year, the business posted ($0.17) earnings per share. The firm’s revenue for the quarter was down 12.2% compared to the same quarter last year.
Chegg (NYSE:CHGG) traded down 6.69% during mid-day trading on Tuesday, hitting $15.21. 1,613,925 shares of the stock traded hands. The stock has a 50 day moving average price of $15.27 and a 200 day moving average price of $13.31. The firm’s market cap is $1.46 billion. Chegg has a 12-month low of $6.51 and a 12-month high of $16.50.
In other news, General Counsel Dave Jr. Borders sold 13,256 shares of Chegg 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 transaction, the general counsel now directly owns 443,810 shares of the company’s stock, valued at $6,683,778.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Charles Geiger sold 70,300 shares of Chegg stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $13.84, for a total transaction of $972,952.00. Following the completion of the transaction, the insider now directly owns 543,468 shares in the company, valued at $7,521,597.12. The disclosure for this sale can be found here. Insiders sold a total of 240,526 shares of company stock worth $3,515,359 in the last ninety days. Corporate insiders own 20.40% of the company’s stock.
CHGG has been the topic of several recent analyst reports. BidaskClub lowered shares of Chegg from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 2nd. Zacks Investment Research upgraded shares of Chegg from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Friday, July 28th. Northland Securities restated a “buy” rating and set a $16.00 target price on shares of Chegg in a research report on Friday, July 28th. Jefferies Group LLC restated a “buy” rating and set a $17.00 target price on shares of Chegg in a research report on Thursday, September 7th. Finally, First Analysis lowered shares of Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 target price on the stock. in a research report on Tuesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $14.64.
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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