Lake Street Capital Increases Chegg (CHGG) Price Target to $33.00

Chegg (NYSE:CHGG) had its target price increased by equities researchers at Lake Street Capital to $33.00 in a report issued on Tuesday, The Fly reports. The brokerage presently has a “hold” rating on the technology company’s stock. Lake Street Capital’s price target would suggest a potential downside of 5.17% from the company’s current price.

Several other brokerages also recently weighed in on CHGG. Citigroup downgraded Chegg from a “buy” rating to a “neutral” rating and set a $36.00 price objective for the company. in a research report on Friday. Zacks Investment Research upgraded Chegg from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research report on Tuesday, January 1st. Barrington Research restated a “buy” rating and set a $32.00 price objective on shares of Chegg in a research report on Monday, October 22nd. Jefferies Financial Group dropped their price objective on Chegg from $30.00 to $28.00 and set a “hold” rating for the company in a research report on Tuesday, October 30th. Finally, First Analysis upgraded Chegg from a “neutral” rating to an “outperform” rating and set a $30.00 price objective for the company in a research report on Tuesday, October 30th. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $30.90.

NYSE:CHGG opened at $34.80 on Tuesday. The firm has a market cap of $3.97 billion, a PE ratio of -386.67, a P/E/G 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 fifty-two week low of $15.85 and a fifty-two week high of $36.05.

Chegg (NYSE:CHGG) last released its earnings results on Monday, February 11th. The technology company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.04. Chegg had a positive return on equity of 1.75% and a negative net margin of 5.55%. On average, research analysts expect that Chegg will post 0.09 earnings per share for the current year.

In other news, insider Andrew J. Brown sold 56,352 shares of the stock in a transaction dated Wednesday, December 12th. The stock was sold at an average price of $30.08, for a total value of $1,695,068.16. Following the completion of the sale, the insider now owns 584,097 shares of the company’s stock, valued at $17,569,637.76. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Nathan J. Schultz sold 2,300 shares of the firm’s stock in a transaction that occurred on Tuesday, February 5th. The stock was sold at an average price of $36.02, for a total value of $82,846.00. Following the sale, the insider now directly owns 505,604 shares of the company’s stock, valued at approximately $18,211,856.08. The disclosure for this sale can be found here. In the last three months, insiders 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 and other institutional investors have recently added to or reduced their stakes in CHGG. Vanguard Group Inc. grew its stake in Chegg by 12.8% during the third quarter. Vanguard Group Inc. now owns 10,365,544 shares of the technology company’s stock worth $294,693,000 after purchasing an additional 1,174,038 shares during the period. Vanguard Group Inc grew its stake in Chegg by 12.8% in the third quarter. Vanguard Group Inc now owns 10,365,544 shares of the technology company’s stock valued at $294,693,000 after acquiring an additional 1,174,038 shares during the period. FMR LLC grew its stake in Chegg by 19.3% in the second quarter. FMR LLC now owns 6,321,121 shares of the technology company’s stock valued at $175,664,000 after acquiring an additional 1,022,400 shares during the period. Baillie Gifford & Co. grew its stake in Chegg by 19.0% in the third quarter. Baillie Gifford & Co. now owns 5,550,841 shares of the technology company’s stock valued at $157,810,000 after acquiring an additional 887,402 shares during the period. Finally, Public Employees Retirement Association of Colorado grew its stake in Chegg by 13,729.5% in the third quarter. Public Employees Retirement Association of Colorado now owns 645,006 shares of the technology company’s stock valued at $18,338,000 after acquiring an additional 640,342 shares during the period. 99.40% of the stock is owned by institutional investors and hedge funds.

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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