Chegg, Inc. (CHGG) Receives Buy Rating from Jefferies Group LLC
Jefferies Group LLC reissued their buy rating on shares of Chegg, Inc. (NYSE:CHGG) in a research report released on Thursday morning. Jefferies Group LLC currently has a $17.00 price target on the technology company’s stock.
A number of other analysts have also commented on CHGG. ValuEngine lowered Chegg from a hold rating to a sell rating and lowered their price objective for the stock from $10.00 to $8.00 in a research report on Thursday, May 11th. First Analysis boosted their target price on Chegg from $12.00 to $14.00 and gave the stock an overweight rating in a research report on Monday, May 22nd. Barrington Research restated an outperform rating on shares of Chegg in a research report on Friday, June 23rd. Zacks Investment Research lowered Chegg from a buy rating to a hold rating in a research report on Tuesday, July 4th. Finally, Lake Street Capital lowered Chegg from a buy rating to a hold rating and boosted their target price for the stock from $12.00 to $14.00 in a research report on Wednesday, July 26th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $13.68.
Chegg (NYSE CHGG) opened at 13.94 on Thursday. The stock’s 50 day moving average is $14.48 and its 200 day moving average is $11.40. Chegg has a 52-week low of $6.51 and a 52-week high of $15.95. The company’s market cap is $1.34 billion.
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 firm had revenue of $56.30 million during the quarter, compared to analyst estimates of $53.33 million. Chegg had a negative return on equity of 8.10% and a negative net margin of 11.83%. Chegg’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.05 earnings per share. Equities research analysts forecast that Chegg will post $0.24 earnings per share for the current year.
In related news, insider Charles Geiger sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $12.13, for a total value of $606,500.00. Following the completion of the transaction, the insider now directly owns 536,500 shares in the company, valued at approximately $6,507,745. The sale 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 the business’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $14.00, for a total value of $1,400,000.00. Following the completion of the transaction, the insider now owns 678,760 shares of the company’s stock, valued at $9,502,640. The disclosure for this sale can be found here. Insiders sold a total of 427,268 shares of company stock valued at $5,832,118 over the last quarter. 20.40% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Lord Abbett & CO. LLC grew its position in shares of Chegg by 113.7% in the 2nd quarter. Lord Abbett & CO. LLC now owns 2,117,780 shares of the technology company’s stock valued at $26,028,000 after purchasing an additional 1,126,806 shares during the period. Ashford Capital Management Inc. grew its position in shares of Chegg by 5.8% in the 2nd quarter. Ashford Capital Management Inc. now owns 2,320,534 shares of the technology company’s stock valued at $28,519,000 after purchasing an additional 127,310 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Chegg in the 2nd quarter valued at approximately $480,000. Public Employees Retirement System of Ohio acquired a new position in shares of Chegg in the 2nd quarter valued at approximately $1,457,000. Finally, Castleark Management LLC acquired a new position in shares of Chegg in the 2nd quarter valued at approximately $7,407,000. Institutional investors and hedge funds 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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