Chegg, Inc. (CHGG) Earns Buy Rating from Northland Securities
Northland Securities reaffirmed their buy rating on shares of Chegg, Inc. (NYSE:CHGG) in a research report sent to investors on Tuesday morning. The brokerage currently has a $16.00 target price on the technology company’s stock.
Several other research firms also recently weighed in on CHGG. BMO Capital Markets restated an outperform rating and issued a $18.00 price objective (up from $16.00) on shares of Chegg in a report on Wednesday, July 26th. BidaskClub downgraded Chegg from a buy rating to a hold rating in a report on Saturday, August 26th. Jefferies Group LLC lifted their price objective on Chegg from $12.00 to $13.00 and gave the company a buy rating in a report on Tuesday, May 2nd. Lake Street Capital downgraded Chegg from a buy rating to a hold rating and lifted their price objective for the company from $12.00 to $14.00 in a report on Wednesday, July 26th. Finally, Zacks Investment Research upgraded Chegg from a hold rating to a buy rating and set a $13.00 price objective for the company in a report on Friday, May 5th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $13.32.
Shares of Chegg (NYSE CHGG) opened at 13.82 on Tuesday. The stock’s market capitalization is $1.33 billion. Chegg has a 52-week low of $6.51 and a 52-week high of $15.95. The stock has a 50 day moving average of $14.45 and a 200-day moving average of $11.23.
Chegg (NYSE:CHGG) last released its quarterly earnings data on Tuesday, July 25th. The technology company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by $0.08. The firm had revenue of $56.30 million during the quarter, compared to the consensus estimate of $53.33 million. Chegg had a negative net margin of 11.83% and a negative return on equity of 8.10%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 earnings per share. Analysts predict that Chegg will post $0.24 EPS for the current fiscal year.
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In other Chegg news, insider Charles Geiger sold 50,000 shares of Chegg stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $15.28, for a total value of $764,000.00. Following the transaction, the insider now owns 561,500 shares in the company, valued at $8,579,720. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew J. Brown sold 100,000 shares of Chegg stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $13.00, for a total value of $1,300,000.00. Following the completion of the transaction, the insider now owns 678,760 shares in the company, valued at approximately $8,823,880. The disclosure for this sale can be found here. Insiders sold 456,968 shares of company stock worth $6,159,166 in the last quarter. 20.40% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of CHGG. Gilder Gagnon Howe & Co. LLC bought a new position in Chegg during the second quarter valued at about $55,365,000. Fred Alger Management Inc. bought a new position in Chegg during the second quarter valued at about $31,014,000. Russell Investments Group Ltd. raised its position in Chegg by 423.2% in the second quarter. Russell Investments Group Ltd. now owns 2,101,975 shares of the technology company’s stock valued at $25,833,000 after buying an additional 1,700,195 shares during the period. Lord Abbett & CO. LLC raised its position in Chegg by 113.7% in the second quarter. Lord Abbett & CO. LLC now owns 2,117,780 shares of the technology company’s stock valued at $26,028,000 after buying an additional 1,126,806 shares during the period. Finally, Westfield Capital Management Co. LP bought a new position in Chegg during the second quarter valued at about $10,373,000. Institutional investors own 84.80% of the company’s stock.
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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