Chegg (NYSE:CHGG) had its target price decreased by equities research analysts at Jefferies Financial Group from $30.00 to $28.00 in a research note issued on Tuesday, October 30th. The brokerage presently has a “hold” rating on the technology company’s stock. Jefferies Financial Group’s target price suggests a potential upside of 12.09% from the company’s previous close.
A number of other analysts also recently issued reports on CHGG. Citigroup lifted their price objective on shares of Chegg from $23.50 to $27.00 and gave the stock a “hold” rating in a report on Tuesday, July 31st. Lake Street Capital lifted their price objective on shares of Chegg from $20.00 to $26.00 and gave the stock a “hold” rating in a report on Tuesday, July 31st. Morgan Stanley lifted their price objective on shares of Chegg from $24.00 to $28.00 and gave the stock a “hold” rating in a report on Wednesday, August 1st. Craig Hallum raised shares of Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, October 2nd. Finally, Barrington Research reissued a “buy” rating and issued a $32.00 price target on shares of Chegg in a research note on Friday, October 5th. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. Chegg has an average rating of “Buy” and an average target price of $26.80.
NYSE:CHGG traded up $0.07 during trading hours on Tuesday, hitting $24.98. The stock had a trading volume of 853,944 shares, compared to its average volume of 1,841,957. 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 one year low of $13.83 and a one year high of $32.82. The company has a market cap of $2.86 billion, a price-to-earnings ratio of -277.56, a PEG ratio of 9.66 and a beta of 1.43.
Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, October 29th. The technology company reported $0.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.04. Chegg had a negative net margin of 5.55% and a positive return on equity of 1.75%. The firm had revenue of $74.20 million during the quarter, compared to the consensus estimate of $69.02 million. During the same period last year, the firm earned $0.01 EPS. The business’s quarterly revenue was up 18.5% compared to the same quarter last year. Equities research analysts expect that Chegg will post 0.09 EPS for the current fiscal year.
In other Chegg news, CEO Daniel Rosensweig sold 150,000 shares of the business’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $31.07, for a total value of $4,660,500.00. Following the transaction, the chief executive officer now owns 2,435,450 shares in the company, valued at $75,669,431.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jenny Brandemuehl sold 75,000 shares of the business’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $28.50, for a total transaction of $2,137,500.00. Following the completion of the transaction, the insider now owns 516,962 shares in the company, valued at approximately $14,733,417. The disclosure for this sale can be found here. Insiders sold 540,000 shares of company stock valued at $14,988,150 over the last three months. 10.80% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Man Group plc increased its position in shares of Chegg by 11.9% during the third quarter. Man Group plc now owns 21,889 shares of the technology company’s stock valued at $623,000 after buying an additional 2,333 shares during the period. Oppenheimer Asset Management Inc. increased its position in shares of Chegg by 10.4% during the second quarter. Oppenheimer Asset Management Inc. now owns 25,015 shares of the technology company’s stock valued at $695,000 after buying an additional 2,361 shares during the period. American International Group Inc. increased its position in shares of Chegg by 3.7% during the third quarter. American International Group Inc. now owns 71,950 shares of the technology company’s stock valued at $2,046,000 after buying an additional 2,593 shares during the period. Teachers Advisors LLC increased its position in shares of Chegg by 1.5% during the third quarter. Teachers Advisors LLC now owns 221,183 shares of the technology company’s stock valued at $6,288,000 after buying an additional 3,244 shares during the period. Finally, Amalgamated Bank increased its position in shares of Chegg by 25.0% during the second quarter. Amalgamated Bank now owns 16,246 shares of the technology company’s stock valued at $451,000 after buying an additional 3,254 shares during the period.
Chegg Company Profile
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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