Chegg (NYSE:CHGG) posted its quarterly earnings results on Monday. The technology company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.03, Morningstar.com reports. Chegg had a negative net margin of 5.55% and a positive return on equity of 1.75%. Chegg updated its Q1 2019 guidance to EPS and its FY 2019 guidance to EPS.
Shares of NYSE:CHGG opened at $34.80 on Tuesday. The stock has a market cap of $3.97 billion, a PE ratio of -386.67, a PEG ratio of 7.77 and a beta of 1.21. The company has a quick ratio of 6.56, a current ratio of 6.56 and a debt-to-equity ratio of 0.72. Chegg has a 12 month low of $15.85 and a 12 month high of $36.05.
Several analysts have issued reports on the stock. Citigroup lowered shares of Chegg from a “buy” rating to a “neutral” rating and set a $36.00 price target for the company. in a research report on Friday. Lake Street Capital upped their price target on shares of Chegg to $33.00 and gave the company a “hold” rating in a research report on Tuesday. Craig Hallum restated a “buy” rating and set a $45.00 price target (up from $34.00) on shares of Chegg in a research report on Tuesday. Zacks Investment Research upgraded shares of Chegg from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research report on Tuesday, January 1st. Finally, Jefferies Financial Group cut their price target on shares of Chegg from $30.00 to $28.00 and set a “hold” rating for the company in a research report on Tuesday, October 30th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $30.90.
In other news, CEO Daniel Rosensweig sold 65,082 shares of the company’s stock in a transaction dated Wednesday, December 12th. The shares were sold at an average price of $29.68, for a total transaction of $1,931,633.76. Following the completion of the transaction, the chief executive officer now directly owns 2,400,532 shares of the company’s stock, valued at $71,247,789.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John E. York sold 12,500 shares of the company’s stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $25.03, for a total transaction of $312,875.00. Following the transaction, the director now directly owns 20,714 shares of the company’s stock, valued at $518,471.42. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 434,802 shares of company stock valued at $13,561,872. Insiders own 10.80% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in CHGG. Parallel Advisors LLC raised its stake in Chegg by 22.8% in the fourth quarter. Parallel Advisors LLC now owns 1,558 shares of the technology company’s stock worth $44,000 after buying an additional 289 shares in the last quarter. We Are One Seven LLC bought a new position in Chegg in the fourth quarter worth about $79,000. PNC Financial Services Group Inc. raised its stake in Chegg by 213.2% in the third quarter. PNC Financial Services Group Inc. now owns 5,678 shares of the technology company’s stock worth $162,000 after buying an additional 3,865 shares in the last quarter. Bank of Montreal Can raised its stake in Chegg by 612.4% in the third quarter. Bank of Montreal Can now owns 5,920 shares of the technology company’s stock worth $168,000 after buying an additional 5,089 shares in the last quarter. Finally, LPL Financial LLC bought a new position in Chegg in the fourth quarter worth about $205,000. 99.40% of the stock is owned by institutional investors.
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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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