Chegg Inc (CHGG) Receives Consensus Rating of “Buy” from Brokerages

Chegg Inc (NYSE:CHGG) has been assigned a consensus rating of “Buy” from the fourteen brokerages that are covering the stock, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $18.22.

CHGG has been the topic of several research analyst reports. Citigroup initiated coverage on shares of Chegg in a research note on Monday, November 20th. They issued a “buy” rating and a $19.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on shares of Chegg from $15.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Northland Securities reiterated a “buy” rating and issued a $20.00 price target on shares of Chegg in a research note on Tuesday, January 9th. Barrington Research reiterated an “outperform” rating and issued a $19.00 price target (up previously from $17.00) on shares of Chegg in a research note on Tuesday, October 31st. Finally, BMO Capital Markets restated a “buy” rating and issued a $20.00 target price on shares of Chegg in a report on Wednesday, January 17th.

Shares of Chegg (CHGG) traded up $2.79 during mid-day trading on Tuesday, reaching $19.15. 8,819,115 shares of the company’s stock traded hands, compared to its average volume of 1,012,407. The stock has a market cap of $1,727.48, a PE ratio of -73.65, a P/E/G ratio of 6.25 and a beta of 1.74. Chegg has a 1-year low of $7.21 and a 1-year high of $19.96.

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

In related news, insider Esther Lem sold 40,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $17.16, for a total transaction of $686,400.00. Following the transaction, the insider now directly owns 465,120 shares in the company, valued at approximately $7,981,459.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael A. Osier sold 200,000 shares of the company’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 transaction, the insider now owns 653,061 shares in the company, valued at $9,959,180.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 659,323 shares of company stock worth $10,527,385. Insiders own 20.40% of the company’s stock.

Large investors have recently modified their holdings of the stock. TIAA CREF Investment Management LLC grew its holdings in Chegg by 6.1% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 226,381 shares of the technology company’s stock valued at $2,782,000 after purchasing an additional 13,011 shares during the last quarter. Swiss National Bank grew its holdings in Chegg by 30.9% during the 3rd quarter. Swiss National Bank now owns 150,100 shares of the technology company’s stock valued at $2,227,000 after purchasing an additional 35,400 shares during the last quarter. Columbus Circle Investors bought a new position in Chegg during the 3rd quarter valued at about $14,234,000. Summit Creek Advisors LLC bought a new position in Chegg during the 3rd quarter valued at about $2,557,000. Finally, 1492 Capital Management LLC bought a new position in Chegg during the 3rd quarter valued at about $453,000.

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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.

Analyst Recommendations for Chegg (NYSE:CHGG)

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