JPMorgan Chase & Co. Reiterates Buy Rating for Chegg Inc. (CHGG)
Chegg Inc. (NYSE:CHGG)‘s stock had its “buy” rating reiterated by JPMorgan Chase & Co. in a report issued on Thursday. They presently have a $10.00 target price on the stock. JPMorgan Chase & Co.’s target price would indicate a potential upside of 27.23% from the company’s previous close.
A number of other equities analysts have also recently issued reports on the stock. Jefferies Group reissued a “buy” rating on shares of Chegg in a research report on Thursday. Lake Street Capital increased their price objective on shares of Chegg from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Tuesday, November 8th. Barrington Research increased their price objective on shares of Chegg from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Thursday, September 29th. TheStreet raised shares of Chegg from a “sell” rating to a “hold” rating in a research report on Tuesday, August 2nd. Finally, BMO Capital Markets reissued an “outperform” rating and set a $7.00 price objective (up previously from $6.00) on shares of Chegg in a research report on Wednesday, August 3rd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $8.53.
Chegg (NYSE:CHGG) traded up 1.65% during midday trading on Thursday, reaching $7.99. The company had a trading volume of 457,295 shares. Chegg has a 12 month low of $3.15 and a 12 month high of $8.32. The stock’s market cap is $729.86 million. The firm has a 50-day moving average of $7.00 and a 200-day moving average of $6.02.
Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, November 7th. The company reported ($0.03) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.01. The business had revenue of $71.30 million for the quarter, compared to analysts’ expectations of $67.89 million. Chegg had a negative net margin of 14.32% and a negative return on equity of 12.67%. The business’s quarterly revenue was down 12.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.12) earnings per share. On average, equities analysts expect that Chegg will post $0.09 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ashford Capital Management Inc. purchased a new position in shares of Chegg during the third quarter valued at approximately $9,950,000. Credit Suisse AG increased its position in shares of Chegg by 41.2% in the third quarter. Credit Suisse AG now owns 61,941 shares of the company’s stock valued at $440,000 after buying an additional 18,066 shares during the last quarter. Mackenzie Financial Corp purchased a new position in shares of Chegg during the third quarter valued at approximately $3,799,000. D. E. Shaw & Co. Inc. increased its position in shares of Chegg by 30.2% in the third quarter. D. E. Shaw & Co. Inc. now owns 174,525 shares of the company’s stock valued at $1,237,000 after buying an additional 40,493 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Chegg during the third quarter valued at approximately $399,000. 63.68% of the stock is owned by hedge funds and other institutional investors.
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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