Chegg Inc (CHGG) Expected to Announce Quarterly Sales of $70.49 Million

Analysts predict that Chegg Inc (NYSE:CHGG) will report $70.49 million in sales for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Chegg’s earnings, with the highest sales estimate coming in at $71.19 million and the lowest estimate coming in at $69.60 million. Chegg posted sales of $63.06 million during the same quarter last year, which would indicate a positive year over year growth rate of 11.8%. The business is expected to issue its next quarterly earnings results after the market closes on Monday, February 12th.

According to Zacks, analysts expect that Chegg will report full year sales of $70.49 million for the current year, with estimates ranging from $251.10 million to $252.75 million. For the next fiscal year, analysts anticipate that the business will post sales of $295.72 million per share, with estimates ranging from $295.00 million to $296.59 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Chegg.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, October 30th. The technology company reported $0.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. Chegg had a negative return on equity of 5.06% and a negative net margin of 10.40%. The firm had revenue of $62.60 million during the quarter, compared to the consensus estimate of $57.75 million. During the same period in the prior year, the company earned ($0.17) EPS. The firm’s revenue was down 12.2% compared to the same quarter last year.

CHGG has been the subject of several analyst reports. Citigroup initiated coverage on Chegg in a report on Monday, November 20th. They issued a “buy” rating and a $19.00 target price for the company. JPMorgan Chase & Co. upped their target price on Chegg from $15.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Zacks Investment Research cut Chegg from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Northland Securities restated a “buy” rating and issued a $20.00 target price on shares of Chegg in a report on Tuesday, January 9th. Finally, Barrington Research restated an “outperform” rating and issued a $19.00 target price (up from $17.00) on shares of Chegg in a report on Tuesday, October 31st. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Chegg has an average rating of “Buy” and an average target price of $16.45.

Chegg (CHGG) opened at $17.34 on Monday. The company has a market capitalization of $1,842.42, a price-to-earnings ratio of -66.69, a P/E/G ratio of 6.66 and a beta of 1.79. Chegg has a 52 week low of $6.84 and a 52 week high of $17.35.

In other news, insider Michael A. Osier sold 114,928 shares of the stock in a transaction on Monday, November 6th. The stock was sold at an average price of $14.69, for a total transaction of $1,688,292.32. Following the completion of the transaction, the insider now directly owns 591,902 shares in the company, valued at approximately $8,695,040.38. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Daniel Rosensweig sold 200,000 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $14.03, for a total value of $2,806,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 934,251 shares of company stock valued at $14,335,277. 20.40% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Gilder Gagnon Howe & Co. LLC grew its holdings in shares of Chegg by 56.3% during the 3rd quarter. Gilder Gagnon Howe & Co. LLC now owns 7,042,911 shares of the technology company’s stock worth $104,517,000 after purchasing an additional 2,538,026 shares during the period. Sylebra HK Co Ltd grew its holdings in shares of Chegg by 3.8% during the 3rd quarter. Sylebra HK Co Ltd now owns 6,956,896 shares of the technology company’s stock worth $103,240,000 after purchasing an additional 257,847 shares during the period. Vanguard Group Inc. grew its holdings in shares of Chegg by 22.7% during the 2nd quarter. Vanguard Group Inc. now owns 3,232,947 shares of the technology company’s stock worth $39,733,000 after purchasing an additional 597,063 shares during the period. Emerald Advisers Inc. PA grew its holdings in shares of Chegg by 11.4% during the 3rd quarter. Emerald Advisers Inc. PA now owns 2,799,392 shares of the technology company’s stock worth $41,543,000 after purchasing an additional 287,498 shares during the period. Finally, Fred Alger Management Inc. purchased a new position in shares of Chegg during the 2nd quarter worth $31,014,000.

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About Chegg

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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