Chegg (CHGG) Stock Rating Reaffirmed by BMO Capital Markets
Chegg (NYSE:CHGG)‘s stock had its “buy” rating restated by BMO Capital Markets in a research note issued on Wednesday. They currently have a $20.00 target price on the technology company’s stock. BMO Capital Markets’ price objective would suggest a potential upside of 23.38% from the company’s current price.
Other analysts also recently issued reports about the company. Zacks Investment Research downgraded Chegg from a “buy” rating to a “hold” rating in a research note on Monday, September 25th. BidaskClub raised Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, October 31st. First Analysis downgraded Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 price objective for the company. in a research note on Tuesday, October 31st. Barrington Research reaffirmed an “outperform” rating and set a $19.00 price objective (up from $17.00) on shares of Chegg in a research note on Tuesday, October 31st. Finally, Northland Securities reaffirmed a “buy” rating and set a $18.00 price objective on shares of Chegg in a research note on Wednesday, November 1st. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $16.45.
Shares of Chegg (CHGG) traded down $0.53 during midday trading on Wednesday, hitting $16.21. The company had a trading volume of 644,600 shares, compared to its average volume of 580,040. The firm has a market cap of $1,760.00, a PE ratio of -62.35, a PEG ratio of 6.56 and a beta of 1.79. Chegg has a 1 year low of $6.84 and a 1 year high of $17.04.
In other news, CEO Daniel Rosensweig sold 200,000 shares of the stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $14.03, for a total transaction of $2,806,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael A. Osier sold 114,928 shares of the stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $14.69, for a total value of $1,688,292.32. Following the transaction, the insider now directly owns 591,902 shares of the company’s stock, valued at $8,695,040.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 885,501 shares of company stock valued at $13,502,627. Company insiders own 20.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHGG. PNC Financial Services Group Inc. purchased a new position in Chegg in the 2nd quarter valued at approximately $104,000. Great West Life Assurance Co. Can increased its stake in Chegg by 106.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock valued at $108,000 after purchasing an additional 3,790 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in Chegg by 1,829.9% in the 2nd 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 in the last quarter. Stifel Financial Corp purchased a new position in Chegg in the 2nd quarter valued at approximately $116,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in Chegg in the 2nd quarter valued at approximately $132,000.
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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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