Zacks: Brokerages Expect Chegg Inc (CHGG) to Post $0.08 Earnings Per Share

Brokerages expect Chegg Inc (NYSE:CHGG) to announce earnings of $0.08 per share for the current quarter, according to Zacks. Two analysts have provided estimates for Chegg’s earnings, with the lowest EPS estimate coming in at $0.07 and the highest estimate coming in at $0.09. Chegg reported earnings of $0.06 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 33.3%. The company is scheduled to announce its next quarterly earnings results on Monday, May 7th.

According to Zacks, analysts expect that Chegg will report full year earnings of $0.45 per share for the current year, with EPS estimates ranging from $0.44 to $0.48. For the next fiscal year, analysts expect that the firm will post earnings of $0.71 per share, with EPS estimates ranging from $0.67 to $0.75. Zacks’ EPS calculations are an average based on a survey of research analysts that cover Chegg.

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

Several research analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price objective on Chegg from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Tuesday. Barrington Research reissued an “outperform” rating and set a $22.00 price objective (up previously from $19.00) on shares of Chegg in a report on Tuesday. Lake Street Capital boosted their price objective on Chegg from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Tuesday. Northland Securities reissued a “buy” rating and set a $20.00 price objective on shares of Chegg in a report on Tuesday, January 9th. Finally, First Analysis lowered Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 price objective for the company. in a report on Tuesday, October 31st. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Chegg currently has a consensus rating of “Buy” and a consensus target price of $17.09.

Shares of Chegg (NYSE CHGG) traded up $2.79 during midday trading on Tuesday, hitting $19.15. The stock had a trading volume of 8,819,115 shares, compared to its average volume of 1,012,404. Chegg has a 52 week low of $7.21 and a 52 week high of $19.96. The stock has a market capitalization of $1,727.48, a price-to-earnings ratio of -73.65, a price-to-earnings-growth ratio of 6.25 and a beta of 1.74.

In related news, insider Esther Lem sold 9,400 shares of the company’s stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $17.00, for a total transaction of $159,800.00. Following the completion of the transaction, the insider now owns 505,120 shares in the company, valued at $8,587,040. The sale was disclosed in a filing with the SEC, which is available through 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 shares were sold at an average price of $16.00, for a total value of $3,193,776.00. Following the transaction, the chief executive officer now owns 2,207,689 shares of the company’s stock, valued at approximately $35,323,024. The disclosure for this sale can be found here. Insiders sold 659,323 shares of company stock valued at $10,527,385 in the last quarter. Corporate insiders own 20.40% of the company’s stock.

Several institutional investors have recently made changes to their positions in CHGG. Schwab Charles Investment Management Inc. raised its holdings in shares of Chegg by 10.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 253,137 shares of the technology company’s stock valued at $3,112,000 after acquiring an additional 23,678 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Chegg by 13.5% during the second quarter. Alliancebernstein L.P. now owns 103,700 shares of the technology company’s stock valued at $1,274,000 after acquiring an additional 12,300 shares in the last quarter. Teachers Advisors LLC raised its holdings in shares of Chegg by 12.5% during the second quarter. Teachers Advisors LLC now owns 151,183 shares of the technology company’s stock valued at $1,858,000 after acquiring an additional 16,757 shares in the last quarter. TIAA CREF Investment Management LLC raised its holdings in shares of Chegg by 6.1% during the second quarter. TIAA CREF Investment Management LLC now owns 226,381 shares of the technology company’s stock valued at $2,782,000 after acquiring an additional 13,011 shares in the last quarter. Finally, Nationwide Fund Advisors raised its holdings in shares of Chegg by 2.2% during the second quarter. Nationwide Fund Advisors now owns 47,047 shares of the technology company’s stock valued at $578,000 after acquiring an additional 1,005 shares in the last quarter.

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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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