Chegg (NYSE:CHGG) had its target price increased by equities researchers at Bank of America from $100.00 to $115.00 in a note issued to investors on Thursday, Briefing.com reports. The brokerage presently has a “buy” rating on the technology company’s stock. Bank of America‘s price objective points to a potential upside of 16.85% from the stock’s previous close.

CHGG has been the subject of several other research reports. Zacks Investment Research cut Chegg from a “buy” rating to a “hold” rating in a research note on Friday, October 30th. Lake Street Capital raised their target price on shares of Chegg from $79.00 to $85.00 in a research note on Tuesday, October 27th. BNP Paribas initiated coverage on shares of Chegg in a research note on Friday, November 6th. They set an “underperform” rating and a $55.00 price target on the stock. Raymond James raised their price objective on shares of Chegg from $93.00 to $96.00 and gave the company an “outperform” rating in a research report on Tuesday, October 27th. Finally, BidaskClub cut Chegg from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, December 30th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Chegg currently has a consensus rating of “Buy” and an average target price of $87.11.

Shares of Chegg stock opened at $98.42 on Thursday. The company’s fifty day moving average is $85.89 and its two-hundred day moving average is $77.40. Chegg has a 1 year low of $25.89 and a 1 year high of $99.49. The company has a debt-to-equity ratio of 2.38, a quick ratio of 9.09 and a current ratio of 9.09. The company has a market capitalization of $12.68 billion, a P/E ratio of -492.10, a PEG ratio of 3.10 and a beta of 0.99.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, October 26th. The technology company reported $0.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.07. The firm had revenue of $154.00 million for the quarter, compared to analyst estimates of $111.16 million. Chegg had a positive return on equity of 13.35% and a negative net margin of 4.26%. The business’s revenue was up 63.5% on a year-over-year basis. During the same quarter last year, the company posted $0.18 earnings per share. As a group, equities analysts expect that Chegg will post 0.69 earnings per share for the current year.

In related news, CEO Daniel Rosensweig sold 28,000 shares of the firm’s stock in a transaction dated Thursday, January 7th. The stock was sold at an average price of $91.14, for a total transaction of $2,551,920.00. Following the sale, the chief executive officer now directly owns 1,930,667 shares in the company, valued at approximately $175,960,990.38. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider John Paul Fillmore sold 1,321 shares of the business’s stock in a transaction that occurred on Thursday, December 3rd. The stock was sold at an average price of $75.55, for a total value of $99,801.55. Following the transaction, the insider now directly owns 134,227 shares in the company, valued at $10,140,849.85. The disclosure for this sale can be found here. Insiders have sold a total of 202,058 shares of company stock worth $16,805,618 in the last 90 days. Company insiders own 3.10% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sowell Financial Services LLC boosted its stake in shares of Chegg by 11.9% in the fourth quarter. Sowell Financial Services LLC now owns 1,004 shares of the technology company’s stock valued at $91,000 after purchasing an additional 107 shares during the period. Vivid Financial Management Inc. boosted its position in shares of Chegg by 1.4% in the 3rd quarter. Vivid Financial Management Inc. now owns 9,657 shares of the technology company’s stock valued at $690,000 after purchasing an additional 134 shares during the period. Gagnon Securities LLC increased its position in shares of Chegg by 4.1% in the third quarter. Gagnon Securities LLC now owns 5,349 shares of the technology company’s stock worth $382,000 after acquiring an additional 210 shares in the last quarter. Eudaimonia Partners LLC purchased a new stake in shares of Chegg in the 3rd quarter valued at approximately $105,000. Finally, M&T Bank Corp boosted its stake in Chegg by 2.6% in the 3rd quarter. M&T Bank Corp now owns 10,924 shares of the technology company’s stock worth $781,000 after purchasing an additional 274 shares during the period. 98.48% of the stock is currently owned by institutional investors and hedge funds.

Chegg Company Profile

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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Analyst Recommendations for Chegg (NYSE:CHGG)

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