Chegg, Inc. (CHGG) Downgraded to “Hold” at BidaskClub
BidaskClub lowered shares of Chegg, Inc. (NYSE:CHGG) from a buy rating to a hold rating in a report published on Saturday.
Other analysts have also issued research reports about the stock. UBS AG raised shares of Chegg from a market perform rating to an outperform rating in a research report on Tuesday, May 2nd. Zacks Investment Research raised shares of Chegg from a hold rating to a buy rating and set a $16.00 price objective on the stock in a research report on Friday, July 28th. Lake Street Capital lowered shares of Chegg from a buy rating to a hold rating and boosted their price objective for the stock from $12.00 to $14.00 in a research report on Wednesday, July 26th. Jefferies Group LLC boosted their price objective on shares of Chegg from $12.00 to $13.00 and gave the stock a buy rating in a research report on Tuesday, May 2nd. Finally, BMO Capital Markets reissued an outperform rating and issued a $12.00 price objective (up previously from $10.00) on shares of Chegg in a research report on Wednesday, May 3rd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $13.32.
Shares of Chegg (NYSE CHGG) traded down 4.36% during trading on Friday, hitting $14.03. 874,697 shares of the company’s stock were exchanged. Chegg has a 1-year low of $6.51 and a 1-year high of $15.95. The firm’s market capitalization is $1.35 billion. The stock’s 50 day moving average is $14.27 and its 200 day moving average is $10.99.
Chegg (NYSE:CHGG) last announced its quarterly earnings data on Tuesday, July 25th. The technology company reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.08. The business had revenue of $56.30 million during the quarter, compared to the consensus estimate of $53.33 million. Chegg had a negative return on equity of 8.10% and a negative net margin of 11.83%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.05 EPS. On average, equities research analysts forecast that Chegg will post $0.24 earnings per share for the current year.
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In related news, insider Andrew J. Brown sold 100,000 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $13.00, for a total transaction of $1,300,000.00. Following the transaction, the insider now directly owns 678,760 shares in the company, valued at $8,823,880. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Charles Geiger sold 25,000 shares of the business’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $11.66, for a total transaction of $291,500.00. Following the transaction, the insider now owns 536,500 shares in the company, valued at $6,255,590. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 556,968 shares of company stock worth $7,409,166. 20.40% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of CHGG. US Bancorp DE increased its position in shares of Chegg by 4.3% in the first quarter. US Bancorp DE now owns 11,868 shares of the technology company’s stock worth $100,000 after buying an additional 488 shares during the last quarter. Legal & General Group Plc increased its position in shares of Chegg by 2.6% in the second quarter. Legal & General Group Plc now owns 20,648 shares of the technology company’s stock worth $254,000 after buying an additional 525 shares during the last quarter. Amalgamated Bank increased its position in shares of Chegg by 9.0% in the second quarter. Amalgamated Bank now owns 10,916 shares of the technology company’s stock worth $134,000 after buying an additional 905 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Chegg by 7.2% in the first quarter. Principal Financial Group Inc. now owns 13,743 shares of the technology company’s stock worth $116,000 after buying an additional 926 shares during the last quarter. Finally, Nationwide Fund Advisors increased its position in shares of Chegg by 2.2% in the second quarter. Nationwide Fund Advisors now owns 47,047 shares of the technology company’s stock worth $578,000 after buying an additional 1,005 shares during the last quarter. Institutional investors and hedge funds own 75.90% 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. The Company 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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