BMO Capital Markets Reaffirms “Outperform” Rating for Chegg, Inc. (CHGG)
BMO Capital Markets reiterated their outperform rating on shares of Chegg, Inc. (NYSE:CHGG) in a research note published on Wednesday morning. The firm currently has a $18.00 price objective on the technology company’s stock, up from their prior price objective of $16.00.
A number of other research analysts have also weighed in on CHGG. UBS AG raised shares of Chegg from a market perform rating to an outperform rating in a research note on Tuesday, May 2nd. J P Morgan Chase & Co reissued an overweight rating and issued a $15.00 target price (up from $12.00) on shares of Chegg in a research note on Wednesday. Lake Street Capital lowered shares of Chegg from a buy rating to a hold rating and raised their target price for the stock from $12.00 to $14.00 in a research note on Wednesday. Jefferies Group LLC reaffirmed a buy rating and set a $13.00 price target on shares of Chegg in a research report on Friday, June 23rd. Finally, ValuEngine raised shares of Chegg from a sell rating to a hold rating in a research report on Friday, June 2nd. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The company presently has an average rating of Buy and an average target price of $12.79.
Shares of Chegg (NYSE CHGG) traded down 0.91% during midday trading on Wednesday, reaching $14.14. The company’s stock had a trading volume of 560,150 shares. Chegg has a one year low of $5.40 and a one year high of $15.37. The firm’s market cap is $1.35 billion. The stock’s 50 day moving average price is $12.89 and its 200 day moving average price is $9.94.
Chegg (NYSE:CHGG) last released its earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.08. Chegg had a negative return on equity of 8.14% and a negative net margin of 11.83%. The business had revenue of $56.30 million during the quarter, compared to analysts’ expectations of $53.33 million. During the same period last year, the business earned $0.05 earnings per share. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. Analysts predict that Chegg will post $0.24 earnings per share for the current year.
In other Chegg news, insider Andrew J. Brown sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $14.00, for a total value of $1,400,000.00. Following the sale, the insider now owns 678,760 shares of the company’s stock, valued at $9,502,640. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Nathan J. Schultz sold 45,828 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $9.10, for a total value of $417,034.80. Following the completion of the sale, the insider now directly owns 643,157 shares in the company, valued at approximately $5,852,728.70. The disclosure for this sale can be found here. In the last three months, insiders sold 562,484 shares of company stock worth $6,954,404. 20.40% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. US Bancorp DE raised its stake in shares of Chegg by 4.3% in the first quarter. US Bancorp DE now owns 11,868 shares of the technology company’s stock worth $100,000 after buying an additional 488 shares during the last quarter. Parkwood LLC raised its stake in shares of Chegg by 26.0% in the first quarter. Parkwood LLC now owns 13,077 shares of the technology company’s stock worth $110,000 after buying an additional 2,701 shares during the last quarter. Highbridge Capital Management LLC purchased a new stake in shares of Chegg during the fourth quarter worth about $110,000. Principal Financial Group Inc. raised its stake in shares of Chegg by 7.2% in the first quarter. Principal Financial Group Inc. now owns 13,743 shares of the technology company’s stock worth $116,000 after buying an additional 926 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Chegg by 29.0% in the first quarter. Bank of America Corp DE now owns 14,267 shares of the technology company’s stock worth $120,000 after buying an additional 3,205 shares during the last quarter. 77.35% of the stock is currently owned by institutional investors.
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.
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