Chegg, Inc. (CHGG) Cut to Hold at BidaskClub
BidaskClub cut shares of Chegg, Inc. (NYSE:CHGG) from a buy rating to a hold rating in a report published on Friday.
CHGG has been the subject of a number of other research reports. Barrington Research reiterated an outperform rating and issued a $19.00 target price (up previously from $17.00) on shares of Chegg in a research report on Tuesday, October 31st. First Analysis lowered shares of Chegg from an overweight rating to an equal weight rating and set a $18.00 target price for the company. in a research report on Tuesday, October 31st. J P Morgan Chase & Co increased their target price on shares of Chegg from $15.00 to $18.00 and gave the company an overweight rating in a research report on Wednesday, November 1st. Northland Securities reiterated a buy rating and issued a $18.00 target price on shares of Chegg in a research report on Wednesday, November 1st. Finally, Zacks Investment Research lowered shares of Chegg from a hold rating to a sell rating in a research report on Wednesday, October 4th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $15.09.
Chegg (NYSE:CHGG) traded up $0.10 during mid-day trading on Friday, reaching $14.09. 620,900 shares of the company’s stock traded hands, compared to its average volume of 1,001,149. Chegg has a 12-month low of $6.84 and a 12-month high of $16.50.
Chegg (NYSE:CHGG) last released its earnings results on Monday, October 30th. The technology company reported $0.01 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $57.75 million. During the same quarter in the previous year, the firm earned ($0.17) earnings per share. The firm’s revenue for the quarter was down 12.2% compared to the same quarter last year. equities research analysts forecast that Chegg will post -0.1 EPS for the current year.
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In other news, insider Charles Geiger sold 50,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $15.28, for a total value of $764,000.00. Following the completion of the sale, the insider now directly owns 561,500 shares of the company’s stock, valued at $8,579,720. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael A. Osier sold 114,928 shares of the stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $14.69, for a total transaction of $1,688,292.32. Following the completion of the sale, the insider now directly owns 591,902 shares of the company’s stock, valued at $8,695,040.38. The disclosure for this sale can be found here. Insiders have sold 355,454 shares of company stock valued at $5,203,651 over the last ninety days. Insiders own 20.40% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. acquired a new position in Chegg in the second quarter worth approximately $104,000. Great West Life Assurance Co. Can increased its holdings in Chegg by 106.2% in the third quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock worth $108,000 after buying an additional 3,790 shares during the last quarter. BNP Paribas Arbitrage SA increased its holdings in Chegg by 1,829.9% in the second quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock worth $111,000 after buying an additional 8,582 shares during the last quarter. Principal Financial Group Inc. increased its holdings in 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, Stifel Financial Corp acquired a new position in Chegg in the second quarter worth approximately $116,000. 86.50% of the stock is owned by institutional investors and hedge funds.
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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