Lake Street Capital Increases Chegg (CHGG) Price Target to $16.00

Chegg (NYSE:CHGG) had its target price boosted by analysts at Lake Street Capital from $15.00 to $16.00 in a research report issued to clients and investors on Tuesday. The firm currently has a “hold” rating on the technology company’s stock. Lake Street Capital’s price objective would indicate a potential downside of 6.92% from the company’s previous close.

A number of other equities analysts have also issued reports on CHGG. BidaskClub upgraded shares of Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, October 31st. First Analysis lowered shares of Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 target price on the stock. in a research report on Tuesday, October 31st. Barrington Research restated an “outperform” rating and set a $19.00 target price (up from $17.00) on shares of Chegg in a research report on Tuesday, October 31st. Northland Securities restated a “buy” rating and set a $18.00 target price on shares of Chegg in a research report on Wednesday, November 1st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Chegg from $15.00 to $18.00 and gave the company an “overweight” rating in a research report on Wednesday, November 1st. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Chegg has an average rating of “Buy” and a consensus target price of $16.64.

Chegg (NYSE CHGG) opened at $17.19 on Tuesday. The stock has a market cap of $1,727.48, a P/E ratio of -65.00, a PEG 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 $17.42.

Chegg (NYSE:CHGG) last announced its earnings results 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 business had revenue of $73.51 million for 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%. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period last year, the firm posted $0.10 earnings per share. analysts forecast that Chegg will post -0.09 EPS for the current fiscal year.

In other news, insider Jenny Brandemuehl sold 50,000 shares of Chegg stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $15.67, for a total transaction of $783,500.00. Following the completion of the transaction, the insider now owns 421,461 shares of the company’s stock, valued at approximately $6,604,293.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Esther Lem sold 10,000 shares of Chegg stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $14.36, for a total value of $143,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 659,323 shares of company stock worth $10,527,385. 20.40% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in CHGG. PNC Financial Services Group Inc. acquired a new position in shares of Chegg during the 2nd quarter worth $104,000. Great West Life Assurance Co. Can raised its stake in shares of Chegg by 106.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock worth $108,000 after buying an additional 3,790 shares during the last quarter. Stifel Financial Corp acquired a new position in shares of Chegg during the 2nd quarter worth $116,000. Amalgamated Bank raised its stake in shares of Chegg by 9.0% during the 2nd quarter. Amalgamated Bank now owns 10,916 shares of the technology company’s stock worth $134,000 after buying an additional 905 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. acquired a new position in shares of Chegg during the 3rd quarter worth $161,000.

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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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