Jefferies Group Reiterates “Buy” Rating for Chegg Inc. (CHGG)
Chegg Inc. (NYSE:CHGG)‘s stock had its “buy” rating restated by equities research analysts at Jefferies Group in a report released on Thursday.
CHGG has been the subject of a number of other reports. Barrington Research boosted their price objective on Chegg from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Thursday, September 29th. Piper Jaffray Cos. boosted their price objective on Chegg from $6.00 to $7.00 and gave the company an “overweight” rating in a research note on Tuesday, August 2nd. Lake Street Capital boosted their price objective on Chegg from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Tuesday, November 8th. BMO Capital Markets reiterated an “outperform” rating and set a $7.00 price objective (up from $6.00) on shares of Chegg in a research note on Wednesday, August 3rd. Finally, TheStreet upgraded Chegg from a “sell” rating to a “hold” rating in a research note on Tuesday, August 2nd. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Chegg presently has a consensus rating of “Buy” and a consensus price target of $8.28.
Shares of Chegg (NYSE:CHGG) opened at 7.86 on Thursday. The firm’s market cap is $717.99 million. Chegg has a 52 week low of $3.15 and a 52 week high of $8.32. The firm has a 50-day moving average of $7.00 and a 200 day moving average of $6.02.
Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.01. The business earned $71.30 million during the quarter, compared to the consensus estimate of $67.89 million. Chegg had a negative return on equity of 12.67% and a negative net margin of 14.32%. The business’s quarterly revenue was down 12.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.12) EPS. Equities research analysts predict that Chegg will post $0.09 EPS for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in CHGG. Great West Life Assurance Co. Can bought a new stake in Chegg during the third quarter valued at $101,000. Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Chegg during the third quarter valued at approximately $105,000. BlackRock Inc. increased its position in shares of Chegg by 5.9% in the third quarter. BlackRock Inc. now owns 15,351 shares of the company’s stock valued at $108,000 after buying an additional 850 shares during the period. Ameriprise Financial Inc. acquired a new position in shares of Chegg during the third quarter valued at approximately $128,000. Finally, Edge Wealth Management LLC acquired a new position in shares of Chegg during the second quarter valued at approximately $153,000. Institutional investors own 63.68% of the company’s stock.
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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