Chegg, Inc. (CHGG) Upgraded at Zacks Investment Research
Chegg, Inc. (NYSE:CHGG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.
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. “
CHGG has been the subject of a number of other research reports. Northland Securities reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Chegg in a research report on Tuesday, August 29th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Chegg in a research report on Thursday, September 7th. Barrington Research reaffirmed an “outperform” rating and issued a $19.00 price objective (up previously from $17.00) on shares of Chegg in a research report on Tuesday. BidaskClub downgraded Chegg from a “buy” rating to a “hold” rating in a research report on Saturday, August 26th. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and issued a $15.00 target price (up previously from $12.00) on shares of Chegg in a report on Wednesday, July 26th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Chegg currently has a consensus rating of “Buy” and an average price target of $15.09.
Shares of Chegg (CHGG) traded up $0.13 during trading hours on Friday, hitting $14.74. The stock had a trading volume of 1,065,697 shares, compared to its average volume of 1,132,856. Chegg has a twelve month low of $6.55 and a twelve month high of $16.50.
Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, October 30th. The technology company reported $0.01 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.02. The business had revenue of $62.60 million during the quarter, compared to the consensus estimate of $57.75 million. Chegg had a negative return on equity of 5.06% and a negative net margin of 10.40%. The business’s revenue for the quarter was down 12.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.17) earnings per share. analysts expect that Chegg will post -0.1 EPS for the current year.
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In other Chegg news, insider Charles Geiger sold 70,300 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $13.84, for a total transaction of $972,952.00. Following the transaction, the insider now owns 543,468 shares in the company, valued at $7,521,597.12. The sale was disclosed in a legal 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 dated Monday, October 2nd. The stock was sold at an average price of $15.06, for a total value of $199,635.36. Following the transaction, the general counsel now owns 443,810 shares in the company, valued at approximately $6,683,778.60. The disclosure for this sale can be found here. Insiders sold 240,526 shares of company stock worth $3,515,359 in the last quarter. 20.40% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of CHGG. PNC Financial Services Group Inc. acquired a new position in shares of Chegg during the second quarter worth about $104,000. BNP Paribas Arbitrage SA lifted its stake in shares of Chegg by 1,829.9% during the second quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock worth $111,000 after purchasing an additional 8,582 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Chegg by 7.2% during the first quarter. Principal Financial Group Inc. now owns 13,743 shares of the technology company’s stock worth $116,000 after purchasing an additional 926 shares in the last quarter. Stifel Financial Corp acquired a new position in shares of Chegg during the second quarter worth about $116,000. Finally, Bank of America Corp DE lifted its stake in shares of Chegg by 29.0% during the first quarter. Bank of America Corp DE now owns 14,267 shares of the technology company’s stock worth $120,000 after purchasing an additional 3,205 shares in the last quarter. Institutional investors own 84.23% 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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