Chegg (CHGG) Downgraded by Citigroup

Chegg (NYSE:CHGG) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a research report issued on Friday, The Fly reports.

A number of other analysts also recently commented on CHGG. Barrington Research reiterated a “buy” rating and issued a $32.00 price objective on shares of Chegg in a report on Monday, October 22nd. First Analysis upgraded shares of Chegg from a “neutral” rating to an “outperform” rating and set a $30.00 price objective for the company in a report on Tuesday, October 30th. Jefferies Financial Group cut their price objective on shares of Chegg from $30.00 to $28.00 and set a “hold” rating for the company in a report on Tuesday, October 30th. Finally, Zacks Investment Research downgraded shares of Chegg from a “buy” rating to a “hold” rating in a report on Monday, November 5th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $27.56.

CHGG stock opened at $35.21 on Friday. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of -391.22, a price-to-earnings-growth ratio of 8.06 and a beta of 1.21. The company has a debt-to-equity ratio of 0.72, a current ratio of 6.56 and a quick ratio of 6.56. Chegg has a 12 month low of $15.47 and a 12 month high of $36.05.

In other Chegg news, CEO Daniel Rosensweig sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, November 12th. The shares were sold at an average price of $26.34, for a total value of $3,951,000.00. Following the completion of the transaction, the chief executive officer now owns 2,435,450 shares of the company’s stock, valued at approximately $64,149,753. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John E. York sold 12,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 21st. The shares were sold at an average price of $25.03, for a total transaction of $312,875.00. Following the completion of the transaction, the director now directly owns 20,714 shares of the company’s stock, valued at approximately $518,471.42. The disclosure for this sale can be found here. Insiders sold a total of 584,802 shares of company stock valued at $17,512,872 in the last three months. 10.80% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in CHGG. FMR LLC raised its holdings in shares of Chegg by 19.3% in the 2nd quarter. FMR LLC now owns 6,321,121 shares of the technology company’s stock valued at $175,664,000 after purchasing an additional 1,022,400 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Chegg by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 419,470 shares of the technology company’s stock worth $11,657,000 after acquiring an additional 5,910 shares in the last quarter. Northern Trust Corp raised its stake in Chegg by 16.6% during the 2nd quarter. Northern Trust Corp now owns 1,326,785 shares of the technology company’s stock worth $36,872,000 after acquiring an additional 188,758 shares in the last quarter. United Services Automobile Association raised its stake in Chegg by 5.0% during the 2nd quarter. United Services Automobile Association now owns 124,423 shares of the technology company’s stock worth $3,458,000 after acquiring an additional 5,884 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in Chegg by 612.4% during the 3rd quarter. Bank of Montreal Can now owns 5,920 shares of the technology company’s stock worth $168,000 after acquiring an additional 5,089 shares in the last quarter. Institutional investors and hedge funds own 99.39% of the company’s stock.

About Chegg

Chegg, Inc operates direct-to-student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.

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