Chegg, Inc. (CHGG) Receives $14.75 Average Price Target from Brokerages
Chegg, Inc. (NYSE:CHGG) has been given an average rating of “Buy” by the thirteen research firms that are covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $14.75.
A number of brokerages recently issued reports on CHGG. BidaskClub lowered shares of Chegg from a “buy” rating to a “hold” rating in a research note on Saturday. Zacks Investment Research upgraded shares of Chegg from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Friday, July 28th. Northland Securities reiterated a “buy” rating and set a $16.00 target price on shares of Chegg in a research note on Friday, July 28th. BMO Capital Markets reiterated an “outperform” rating and set a $18.00 target price (up previously from $16.00) on shares of Chegg in a research note on Wednesday, July 26th. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and set a $15.00 target price (up previously from $12.00) on shares of Chegg in a research note on Wednesday, July 26th.
Chegg (NYSE CHGG) traded down 4.36% during midday trading on Tuesday, hitting $14.03. 874,697 shares of the stock traded hands. The stock’s market cap is $1.35 billion. The company has a 50-day moving average price of $14.27 and a 200 day moving average price of $10.99. Chegg has a one year low of $6.51 and a one year high of $15.95.
Chegg (NYSE:CHGG) last issued its quarterly earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by $0.08. The company 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 firm’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.05 EPS. Equities research analysts anticipate that Chegg will post $0.24 earnings per share for the current year.
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In other news, insider Charles Geiger sold 50,000 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $12.13, for a total transaction of $606,500.00. Following the completion of the transaction, the insider now owns 536,500 shares of the company’s stock, valued at $6,507,745. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew J. Brown sold 100,000 shares of the business’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $12.50, for a total transaction of $1,250,000.00. Following the transaction, the insider now directly owns 678,760 shares of the company’s stock, valued at approximately $8,484,500. The disclosure for this sale can be found here. In the last three months, insiders have sold 556,968 shares of company stock valued at $7,409,166. Corporate insiders own 20.40% of the company’s stock.
Several institutional investors have recently made changes to their positions in 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 valued at $100,000 after buying an additional 488 shares during the period. PNC Financial Services Group Inc. purchased a new position in shares of Chegg during the second quarter valued at about $104,000. Parkwood LLC increased its position in shares of Chegg by 26.0% in the first quarter. Parkwood LLC now owns 13,077 shares of the technology company’s stock valued at $110,000 after buying an additional 2,701 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of Chegg by 1,829.9% in the second quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock valued at $111,000 after buying an additional 8,582 shares during the period. Finally, 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 valued at $116,000 after buying an additional 926 shares during the period. 75.90% of the stock is owned by 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. 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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