Chegg Inc. (CHGG) Receives $8.86 Average PT from Analysts
Chegg Inc. (NYSE:CHGG) has received an average recommendation of “Buy” from the ten research firms that are covering the stock. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $8.86.
A number of equities analysts have weighed in on the company. Barrington Research upped their price target on Chegg from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Thursday, September 29th. TheStreet upgraded Chegg from a “sell” rating to a “hold” rating in a report on Tuesday, August 2nd. BMO Capital Markets restated an “outperform” rating and issued a $7.00 price target (up previously from $6.00) on shares of Chegg in a report on Wednesday, August 3rd. Piper Jaffray Cos. upped their price target on Chegg from $6.00 to $7.00 and gave the stock an “overweight” rating in a report on Tuesday, August 2nd. Finally, Jefferies Group reiterated a “buy” rating and set a $12.00 target price on shares of Chegg in a research note on Monday, August 1st.
In related news, insider Charles Geiger sold 45,000 shares of the company’s stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $6.52, for a total transaction of $293,400.00. Following the sale, the insider now directly owns 296,731 shares of the company’s stock, valued at approximately $1,934,686.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 18.00% of the company’s stock.
A number of large investors have recently modified their holdings of the company. Edge Wealth Management LLC bought a new stake in shares of Chegg during the second quarter valued at $153,000. Zacks Investment Management bought a new stake in shares of Chegg during the second quarter valued at $159,000. BlackRock Advisors LLC raised its stake in shares of Chegg by 7.1% in the second quarter. BlackRock Advisors LLC now owns 34,741 shares of the company’s stock valued at $174,000 after buying an additional 2,300 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Chegg by 274.4% in the second quarter. Dimensional Fund Advisors LP now owns 41,935 shares of the company’s stock valued at $210,000 after buying an additional 30,735 shares in the last quarter. Finally, American International Group Inc. raised its stake in shares of Chegg by 3.3% in the second quarter. American International Group Inc. now owns 46,347 shares of the company’s stock valued at $232,000 after buying an additional 1,499 shares in the last quarter. 67.20% of the stock is currently owned by hedge funds and other institutional investors.
Chegg (NYSE:CHGG) opened at 6.89 on Monday. Chegg has a 52 week low of $3.15 and a 52 week high of $8.03. The stock’s market cap is $627.18 million. The company has a 50-day moving average of $7.03 and a 200-day moving average of $5.58.
Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, August 1st. The company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.02. The firm earned $53 million during the quarter, compared to analysts’ expectations of $67.10 million. Chegg had a negative return on equity of 15.55% and a negative net margin of 16.81%. Chegg’s quarterly revenue was down 20.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.01 EPS. On average, analysts predict that Chegg will post $0.10 EPS for the current fiscal year.
Chegg Company Profile
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. It 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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