Chegg (CHGG) Reaches New 52-Week High at $32.71
Chegg Inc (NYSE:CHGG)’s share price reached a new 52-week high on Monday . The company traded as high as $32.71 and last traded at $32.38, with a volume of 857367 shares traded. The stock had previously closed at $32.30.
A number of research firms have weighed in on CHGG. Morgan Stanley increased their price target on shares of Chegg from $24.00 to $28.00 and gave the stock a “hold” rating in a research note on Wednesday, August 1st. Lake Street Capital increased their price target on shares of Chegg from $20.00 to $26.00 and gave the stock a “hold” rating in a research note on Tuesday, July 31st. Citigroup increased their price target on shares of Chegg from $23.50 to $27.00 and gave the stock a “hold” rating in a research note on Tuesday, July 31st. Barrington Research increased their price target on shares of Chegg from $25.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, June 22nd. Finally, Jefferies Financial Group downgraded shares of Chegg from a “buy” rating to a “hold” rating and cut their price target for the stock from $27.00 to $14.00 in a research note on Thursday, June 21st. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $23.44.
The stock has a market capitalization of $3.69 billion, a PE ratio of -359.67, a price-to-earnings-growth ratio of 16.35 and a beta of 1.48. The company has a debt-to-equity ratio of 0.71, a quick ratio of 10.11 and a current ratio of 10.11.
In other news, General Counsel Dave Jr. Borders sold 15,000 shares of the stock in a transaction on Monday, July 2nd. The shares were sold at an average price of $27.77, for a total value of $416,550.00. Following the completion of the sale, the general counsel now owns 483,084 shares of the company’s stock, valued at $13,415,242.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Daniel Rosensweig sold 150,000 shares of the stock in a transaction on Tuesday, June 12th. The stock was sold at an average price of $29.15, for a total transaction of $4,372,500.00. Following the completion of the sale, the chief executive officer now directly owns 2,433,753 shares of the company’s stock, valued at approximately $70,943,899.95. The disclosure for this sale can be found here. Insiders sold 490,000 shares of company stock valued at $14,245,050 in the last three months. Company insiders own 10.80% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. NewSquare Capital LLC acquired a new stake in shares of Chegg in the second quarter worth $178,000. SG Americas Securities LLC acquired a new stake in shares of Chegg in the first quarter worth $137,000. BB&T Securities LLC acquired a new stake in shares of Chegg in the second quarter worth $209,000. Strs Ohio acquired a new stake in shares of Chegg in the second quarter worth $241,000. Finally, HM Payson & Co. acquired a new stake in shares of Chegg in the second quarter worth $245,000.
Chegg Company Profile (NYSE:CHGG)
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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