J P Morgan Chase & Co Boosts Chegg, Inc. (CHGG) Price Target to $18.00
Chegg, Inc. (NYSE:CHGG) had its price objective upped by J P Morgan Chase & Co from $15.00 to $18.00 in a research note published on Wednesday morning. They currently have an overweight rating on the technology company’s stock.
Several other brokerages also recently commented on CHGG. First Analysis downgraded Chegg from an overweight rating to an equal weight rating and set a $18.00 target price on the stock. in a report on Tuesday. BidaskClub upgraded Chegg from a hold rating to a buy rating in a report on Tuesday. Barrington Research reiterated an outperform rating and set a $19.00 target price (up from $17.00) on shares of Chegg in a report on Tuesday. Northland Securities reiterated a buy rating and set a $18.00 target price on shares of Chegg in a report on Wednesday. Finally, Zacks Investment Research downgraded Chegg from a hold rating to a sell rating in a report on Wednesday, October 4th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $15.09.
Chegg (CHGG) opened at $14.74 on Wednesday.
Chegg (NYSE:CHGG) last released its quarterly earnings data 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. The business had revenue of $62.60 million for the quarter, compared to analyst estimates of $57.75 million. Chegg had a negative return on equity of 5.06% and a negative net margin of 10.40%. The company’s revenue was down 12.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.17) EPS. research analysts forecast that Chegg will post -0.11 earnings per share for the current fiscal year.
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In other Chegg news, General Counsel Dave Jr. Borders sold 13,256 shares of Chegg stock in a transaction that occurred 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 directly owns 443,810 shares in the company, valued at approximately $6,683,778.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charles Geiger sold 70,300 shares of Chegg stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $13.84, for a total value of $972,952.00. Following the sale, the insider now owns 543,468 shares in the company, valued at $7,521,597.12. The disclosure for this sale can be found here. Insiders have sold a total of 240,526 shares of company stock worth $3,515,359 over the last 90 days. 20.40% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of CHGG. Gilder Gagnon Howe & Co. LLC bought a new stake in shares of Chegg in the 2nd quarter valued at approximately $55,365,000. Fred Alger Management Inc. bought a new stake in shares of Chegg in the 2nd quarter valued at approximately $31,014,000. Millennium TVP Management Co. LLC bought a new stake in shares of Chegg in the 3rd quarter valued at approximately $25,896,000. Russell Investments Group Ltd. increased its holdings in shares of Chegg by 423.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,101,975 shares of the technology company’s stock valued at $25,833,000 after acquiring an additional 1,700,195 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its holdings in shares of Chegg by 113.7% in the 2nd quarter. Lord Abbett & CO. LLC now owns 2,117,780 shares of the technology company’s stock valued at $26,028,000 after acquiring an additional 1,126,806 shares during the last quarter. Institutional investors and hedge funds own 84.23% 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.
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