Chegg, Inc. (CHGG) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Chegg, Inc. (NYSE:CHGG) from a hold rating to a buy rating in a research report released on Friday morning. Zacks Investment Research currently has $16.00 price target on the technology company’s stock.
According to Zacks, “Chegg, Inc. provides a social education platform. The Company rents and sells print textbooks; and provides eTextbooks, supplemental materials, homework help, textbook buyback, courses, and college admissions and scholarship services, as well as offers enrollment marketing and brand advertising services. Chegg, Inc. is headquartered in Santa Clara, California. “
Several other equities analysts also recently commented on the company. Craig Hallum upgraded Chegg from a hold rating to a buy rating in a research note on Tuesday, April 4th. Barrington Research reiterated an outperform rating on shares of Chegg in a research note on Friday, June 23rd. Northland Securities initiated coverage on Chegg in a research note on Tuesday, April 11th. They issued an outperform rating and a $11.50 price objective on the stock. Lake Street Capital reiterated a buy rating and issued a $12.00 price objective (up previously from $9.00) on shares of Chegg in a research note on Tuesday, May 2nd. Finally, First Analysis upped their price objective on Chegg from $12.00 to $14.00 and gave the company an overweight rating in a research note on Monday, May 22nd. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $12.79.
Shares of Chegg (NYSE:CHGG) opened at 13.85 on Friday. The firm’s market capitalization is $1.33 billion. Chegg has a 52-week low of $5.83 and a 52-week high of $15.37. The stock has a 50 day moving average price of $12.93 and a 200-day moving average price of $10.02.
Chegg (NYSE:CHGG) last released its earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by $0.08. The business had revenue of $56.30 million during the quarter, compared to the consensus estimate of $53.33 million. Chegg had a negative net margin of 11.83% and a negative return on equity of 8.14%. The business’s revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.05 earnings per share. Equities analysts forecast that Chegg will post $0.24 EPS for the current year.
In other Chegg news, insider Charles Geiger sold 50,000 shares of the stock in a transaction on Monday, July 17th. The stock was sold at an average price of $13.73, for a total transaction of $686,500.00. Following the sale, the insider now owns 561,500 shares in the company, valued at $7,709,395. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew J. Brown sold 100,000 shares of the stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $12.50, for a total value of $1,250,000.00. Following the sale, the insider now owns 678,760 shares in the company, valued at approximately $8,484,500. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 440,276 shares of company stock worth $5,717,812. Company insiders own 20.40% of the company’s stock.
Several large investors have recently bought and sold shares of CHGG. Norges Bank bought a new stake in Chegg during the fourth quarter valued at about $6,251,000. State Street Corp increased its stake in Chegg by 6.9% in the fourth quarter. State Street Corp now owns 1,319,409 shares of the technology company’s stock valued at $9,737,000 after buying an additional 85,706 shares in the last quarter. NBW Capital LLC increased its stake in Chegg by 1.1% in the first quarter. NBW Capital LLC now owns 275,906 shares of the technology company’s stock valued at $2,329,000 after buying an additional 2,963 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Chegg by 20.5% in the first quarter. Russell Investments Group Ltd. now owns 401,780 shares of the technology company’s stock valued at $3,391,000 after buying an additional 68,448 shares in the last quarter. Finally, Pier Capital LLC bought a new stake in Chegg during the first quarter valued at about $2,988,000. Hedge funds and other institutional investors own 79.72% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Chegg Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chegg Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.