Zacks Investment Research cut shares of Chegg (NYSE:CHGG) from a buy rating to a hold rating in a report released on Tuesday morning, Zacks.com reports.

According to Zacks, “Chegg, Inc. provides a social education platform. The Company rents and sells print textbooks; and provides eTextbooks, supplemental materials, homework help, textbook buyback, courses, and college admissions and scholarship services, as well as offers enrollment marketing and brand advertising services. Chegg, Inc. is headquartered in Santa Clara, California. “

Other equities research analysts also recently issued reports about the company. Northland Securities assumed coverage on Chegg in a report on Wednesday, December 4th. They set a buy rating and a $44.00 target price on the stock. Lake Street Capital lifted their price objective on Chegg from $35.00 to $39.00 and gave the stock a hold rating in a report on Tuesday. JPMorgan Chase & Co. lifted their price objective on Chegg from $40.00 to $46.00 and gave the stock an overweight rating in a report on Tuesday. ValuEngine upgraded Chegg from a sell rating to a hold rating in a report on Friday, January 10th. Finally, Morgan Stanley lifted their price objective on Chegg from $47.00 to $49.00 and gave the stock an overweight rating in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Chegg currently has an average rating of Buy and a consensus target price of $47.25.

Shares of NYSE:CHGG traded up $0.16 during mid-day trading on Tuesday, hitting $40.06. 153,568 shares of the company traded hands, compared to its average volume of 1,675,685. The firm has a market cap of $4.83 billion, a P/E ratio of -400.76, a PEG ratio of 3.93 and a beta of 0.98. The company has a debt-to-equity ratio of 1.89, a quick ratio of 9.50 and a current ratio of 9.50. Chegg has a 52-week low of $28.29 and a 52-week high of $48.22. The firm’s 50 day simple moving average is $41.06 and its 200 day simple moving average is $37.59.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, February 10th. The technology company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.29 by $0.06. The business had revenue of $125.50 million for the quarter, compared to the consensus estimate of $123.05 million. Chegg had a positive return on equity of 11.53% and a negative net margin of 2.34%. The company’s revenue was up 31.1% on a year-over-year basis. During the same period last year, the business posted $0.25 EPS. Equities research analysts expect that Chegg will post 0.38 EPS for the current fiscal year.

In other news, insider Michael A. Osier sold 13,758 shares of Chegg stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $38.25, for a total value of $526,243.50. Following the completion of the transaction, the insider now owns 514,007 shares in the company, valued at approximately $19,660,767.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Daniel Rosensweig sold 150,000 shares of Chegg stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $36.60, for a total value of $5,490,000.00. Following the completion of the transaction, the chief executive officer now owns 2,322,754 shares of the company’s stock, valued at approximately $85,012,796.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 806,197 shares of company stock valued at $31,730,908. Insiders own 5.80% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of CHGG. Nisa Investment Advisors LLC boosted its position in Chegg by 39.2% during the 4th quarter. Nisa Investment Advisors LLC now owns 995 shares of the technology company’s stock valued at $38,000 after purchasing an additional 280 shares during the period. Victory Capital Management Inc. boosted its position in Chegg by 1.7% during the 4th quarter. Victory Capital Management Inc. now owns 16,935 shares of the technology company’s stock valued at $698,000 after purchasing an additional 285 shares during the period. Advisor Group Inc. boosted its position in Chegg by 2.7% during the 4th quarter. Advisor Group Inc. now owns 13,162 shares of the technology company’s stock valued at $500,000 after purchasing an additional 344 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Chegg by 5.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,376 shares of the technology company’s stock valued at $280,000 after purchasing an additional 400 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its position in Chegg by 1.0% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 45,366 shares of the technology company’s stock valued at $1,720,000 after purchasing an additional 439 shares during the period.

About Chegg

Chegg, Inc operates direct-to-student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.

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