Chegg, Inc. (CHGG) Cut to “Equal Weight” at First Analysis
First Analysis lowered shares of Chegg, Inc. (NYSE:CHGG) from an overweight rating to an equal weight rating in a report released on Tuesday morning, MarketBeat.com reports. First Analysis currently has $18.00 target price on the technology company’s stock.
A number of other equities analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Chegg from a hold rating to a sell rating in a research note on Wednesday, October 4th. Jefferies Group LLC reissued a buy rating and set a $17.00 price target on shares of Chegg in a research report on Thursday, September 7th. Lake Street Capital cut shares of Chegg from a buy rating to a hold rating and lifted their price target for the stock from $12.00 to $14.00 in a research report on Wednesday, July 26th. Northland Securities reissued a buy rating and set a $16.00 price target on shares of Chegg in a research report on Tuesday, August 29th. Finally, BidaskClub cut shares of Chegg from a buy rating to a hold rating in a research report on Saturday, August 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. Chegg has a consensus rating of Buy and a consensus price target of $15.09.
Shares of Chegg (NYSE:CHGG) traded up $0.13 during mid-day trading on Tuesday, reaching $14.74. 1,065,697 shares of the company’s stock were exchanged, compared to its average volume of 1,132,856.
Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, October 30th. The technology company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.02. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. The firm had revenue of $62.60 million for the quarter, compared to analysts’ expectations of $57.75 million. During the same period last year, the firm earned ($0.17) earnings per share. The business’s revenue for the quarter was down 12.2% on a year-over-year basis. equities analysts predict that Chegg will post -0.11 EPS for the current fiscal year.
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In related news, insider Charles Geiger sold 56,970 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $14.96, for a total transaction of $852,271.20. Following the sale, the insider now directly owns 543,470 shares in the company, valued at $8,130,311.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Dave Jr. Borders sold 13,256 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $15.06, for a total transaction of $199,635.36. Following the sale, the general counsel now owns 443,810 shares in the company, valued at $6,683,778.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 240,526 shares of company stock worth $3,515,359. 20.40% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the stock. TIAA CREF Investment Management LLC raised its holdings in shares of Chegg by 6.1% during the second quarter. TIAA CREF Investment Management LLC now owns 226,381 shares of the technology company’s stock worth $2,782,000 after acquiring an additional 13,011 shares during the period. Pier Capital LLC raised its holdings in shares of Chegg by 2.8% during the second quarter. Pier Capital LLC now owns 363,940 shares of the technology company’s stock worth $4,473,000 after acquiring an additional 9,853 shares during the period. Summit Creek Advisors LLC acquired a new stake in shares of Chegg during the third quarter worth $2,557,000. Schwab Charles Investment Management Inc. raised its holdings in shares of Chegg by 4.8% during the first quarter. Schwab Charles Investment Management Inc. now owns 229,459 shares of the technology company’s stock worth $1,937,000 after acquiring an additional 10,602 shares during the period. Finally, Federated Investors Inc. PA acquired a new stake in Chegg in the 2nd quarter valued at $486,000. Institutional investors and hedge funds own 84.23% of the company’s stock.
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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