Chegg (CHGG) Receives “Outperform” Rating from Barrington Research

Chegg (NYSE:CHGG)‘s stock had its “outperform” rating restated by equities researchers at Barrington Research in a research report issued to clients and investors on Tuesday. They presently have a $22.00 target price on the technology company’s stock, up from their previous target price of $19.00. Barrington Research’s price target would indicate a potential upside of 17.02% from the company’s previous close.

A number of other equities analysts have also recently commented on CHGG. JPMorgan Chase & Co. lifted their target price on shares of Chegg from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Tuesday. Lake Street Capital lifted their target price on shares of Chegg from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Tuesday. BidaskClub upgraded shares of Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, October 31st. Northland Securities reiterated a “buy” rating and issued a $18.00 target price on shares of Chegg in a research report on Wednesday, November 1st. Finally, Citigroup assumed coverage on shares of Chegg in a research report on Monday, November 20th. They issued a “buy” rating and a $19.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $17.09.

Chegg (NYSE:CHGG) traded up $2.44 during midday trading on Tuesday, hitting $18.80. 4,118,522 shares of the stock were exchanged, compared to its average volume of 759,704. Chegg has a 52 week low of $7.21 and a 52 week high of $19.96. The company has a market cap of $1,727.48, a P/E ratio of -73.84, a P/E/G ratio of 6.25 and a beta of 1.74.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, February 12th. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. The company had revenue of $73.51 million during the quarter, compared to the consensus estimate of $70.61 million. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. The firm’s revenue was up 16.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.10 EPS. equities research analysts forecast that Chegg will post -0.09 EPS for the current year.

In other Chegg news, insider Esther Lem sold 10,000 shares of the business’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $14.36, for a total value of $143,600.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael A. Osier sold 200,000 shares of the business’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $15.25, for a total transaction of $3,050,000.00. Following the completion of the transaction, the insider now owns 653,061 shares in the company, valued at approximately $9,959,180.25. The disclosure for this sale can be found here. Insiders sold 659,323 shares of company stock worth $10,527,385 in the last 90 days. Corporate insiders own 20.40% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the business. Cortina Asset Management LLC purchased a new position in shares of Chegg in the fourth quarter valued at about $6,341,000. Suntrust Banks Inc. purchased a new position in shares of Chegg in the fourth quarter valued at about $182,000. Unterberg Capital LLC increased its position in shares of Chegg by 5.0% in the fourth quarter. Unterberg Capital LLC now owns 315,000 shares of the technology company’s stock valued at $5,141,000 after acquiring an additional 15,000 shares during the period. Destination Wealth Management purchased a new position in shares of Chegg in the fourth quarter valued at about $3,356,000. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Chegg by 39.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 612,779 shares of the technology company’s stock valued at $10,001,000 after acquiring an additional 174,180 shares during the period.

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Chegg Company Profile

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.

Analyst Recommendations for Chegg (NYSE:CHGG)

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