Chegg (CHGG) Rating Reiterated by Northland Securities
Chegg (NYSE:CHGG)‘s stock had its “buy” rating reaffirmed by equities research analysts at Northland Securities in a research report issued on Tuesday. They currently have a $20.00 target price on the technology company’s stock. Northland Securities’ price target indicates a potential upside of 18.69% from the company’s current price.
A number of other research analysts have also issued reports on the stock. Citigroup assumed coverage on shares of Chegg in a report on Monday, November 20th. They issued a “buy” rating and a $19.00 target price on the stock. BidaskClub lowered shares of Chegg from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Zacks Investment Research upgraded shares of Chegg from a “sell” rating to a “hold” rating in a report on Friday, November 3rd. JPMorgan Chase & Co. upped their target price on shares of Chegg from $15.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Finally, Barrington Research restated an “outperform” rating and issued a $19.00 target price (up from $17.00) on shares of Chegg in a report on Tuesday, October 31st. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $15.58.
Chegg (NYSE:CHGG) opened at $16.85 on Tuesday. The stock has a market cap of $1,830.00, a PE ratio of -64.81, a price-to-earnings-growth ratio of 6.58 and a beta of 1.79. Chegg has a 1-year low of $6.84 and a 1-year high of $17.04.
Chegg (NYSE:CHGG) last released its earnings results on Monday, October 30th. The technology company reported $0.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.02. The company had revenue of $62.60 million for the quarter, compared to analyst estimates of $57.75 million. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. The firm’s quarterly revenue was down 12.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.17) EPS. analysts forecast that Chegg will post -0.09 EPS for the current year.
In other news, insider Esther Lem sold 10,000 shares of the stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $14.36, for a total transaction of $143,600.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Daniel Rosensweig sold 200,000 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $14.03, for a total transaction of $2,806,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 876,101 shares of company stock worth $13,342,827. Insiders own 20.40% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Gilder Gagnon Howe & Co. LLC raised its holdings in Chegg by 56.3% in the third quarter. Gilder Gagnon Howe & Co. LLC now owns 7,042,911 shares of the technology company’s stock valued at $104,517,000 after buying an additional 2,538,026 shares during the period. Fred Alger Management Inc. purchased a new position in Chegg in the second quarter valued at approximately $31,014,000. Millennium TVP Management Co. LLC purchased a new position in Chegg in the third quarter valued at approximately $25,896,000. Lord Abbett & CO. LLC raised its holdings in Chegg by 113.7% in the second quarter. Lord Abbett & CO. LLC now owns 2,117,780 shares of the technology company’s stock valued at $26,028,000 after buying an additional 1,126,806 shares during the period. Finally, Columbus Circle Investors purchased a new position in Chegg in the third quarter valued at approximately $14,234,000.
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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.
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