Chegg (CHGG) Lowered to Hold at ValuEngine
ValuEngine lowered shares of Chegg (NYSE:CHGG) from a buy rating to a hold rating in a report released on Wednesday morning.
Several other research firms have also weighed in on CHGG. Morgan Stanley began coverage on shares of Chegg in a report on Monday, February 26th. They issued an equal weight rating and a $23.00 target price on the stock. Zacks Investment Research lowered shares of Chegg from a hold rating to a sell rating in a report on Thursday, February 22nd. JPMorgan Chase & Co. increased their target price on shares of Chegg from $18.00 to $20.00 and gave the stock an overweight rating in a report on Tuesday, February 13th. Barrington Research reiterated an outperform rating and issued a $22.00 target price (up from $19.00) on shares of Chegg in a report on Tuesday, February 13th. Finally, Lake Street Capital increased their target price on shares of Chegg from $15.00 to $16.00 and gave the stock a hold rating in a report on Tuesday, February 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $17.58.
Chegg (NYSE CHGG) opened at $22.23 on Wednesday. Chegg has a 52 week low of $7.84 and a 52 week high of $23.22.
In related news, insider Esther Lem sold 9,400 shares of the firm’s stock in a transaction on Friday, January 12th. The shares were sold at an average price of $17.00, for a total transaction of $159,800.00. Following the sale, the insider now directly owns 505,120 shares in the company, valued at $8,587,040. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jeffrey T. Housenbold sold 49,607 shares of the firm’s stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $21.99, for a total transaction of $1,090,857.93. Following the sale, the director now owns 11,980 shares in the company, valued at $263,440.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,000,596 shares of company stock worth $18,271,796. 20.40% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the business. Penbrook Management LLC acquired a new stake in Chegg in the 4th quarter valued at $1,977,000. Xact Kapitalforvaltning AB acquired a new stake in Chegg in the 4th quarter valued at $169,000. Ashford Capital Management Inc. increased its stake in Chegg by 2.0% in the 4th quarter. Ashford Capital Management Inc. now owns 2,344,564 shares of the technology company’s stock valued at $38,263,000 after buying an additional 45,022 shares during the last quarter. MetLife Investment Advisors LLC acquired a new stake in Chegg in the 4th quarter valued at $729,000. Finally, Castleark Management LLC increased its stake in Chegg by 10.6% in the 4th quarter. Castleark Management LLC now owns 1,111,164 shares of the technology company’s stock valued at $18,134,000 after buying an additional 106,305 shares during the last quarter.
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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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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