JPMorgan Chase & Co. Increases Chegg (CHGG) Price Target to $20.00

Chegg (NYSE:CHGG) had its price objective upped by research analysts at JPMorgan Chase & Co. from $18.00 to $20.00 in a research note issued on Tuesday. The brokerage currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.’s price objective suggests a potential upside of 5.65% from the stock’s current price.

CHGG has been the subject of a number of other reports. BidaskClub lowered shares of Chegg from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. First Analysis lowered shares of Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 target price for the company. in a research note on Tuesday, October 31st. Northland Securities reissued a “buy” rating and set a $18.00 target price on shares of Chegg in a research note on Wednesday, November 1st. Zacks Investment Research raised shares of Chegg from a “sell” rating to a “hold” rating in a research note on Friday, November 3rd. Finally, Lake Street Capital boosted their target price on shares of Chegg from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Tuesday. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Chegg presently has an average rating of “Buy” and a consensus target price of $17.09.

Shares of Chegg (CHGG) traded up $2.57 during trading hours on Tuesday, hitting $18.93. 5,110,651 shares of the company were exchanged, compared to its average volume of 773,811. Chegg has a twelve month low of $7.21 and a twelve month high of $19.96. The company has a market cap of $1,727.48, a P/E ratio of -73.84, a PEG ratio of 6.25 and a beta of 1.74.

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

In other news, insider Michael A. Osier sold 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $15.25, for a total value of $3,050,000.00. Following the completion of the sale, the insider now directly owns 653,061 shares of the company’s stock, valued at approximately $9,959,180.25. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Daniel Rosensweig sold 199,611 shares of the company’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $16.00, for a total transaction of $3,193,776.00. Following the completion of the sale, the chief executive officer now directly owns 2,207,689 shares of the company’s stock, valued at $35,323,024. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 659,323 shares of company stock valued at $10,527,385. Company insiders own 20.40% of the company’s stock.

Large investors have recently modified their holdings of the company. Great West Life Assurance Co. Can lifted its stake in shares of 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 worth $108,000 after acquiring an additional 3,790 shares during the period. PNC Financial Services Group Inc. acquired a new stake in shares of Chegg in the 2nd quarter worth approximately $104,000. Stifel Financial Corp acquired a new stake in shares of Chegg in the 2nd quarter worth approximately $116,000. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Chegg in the 3rd quarter worth approximately $161,000. Finally, Amalgamated Bank lifted its stake in shares of Chegg by 9.0% in the 2nd quarter. Amalgamated Bank now owns 10,916 shares of the technology company’s stock worth $134,000 after acquiring an additional 905 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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