Lake Street Capital downgraded shares of Chegg, Inc. (NYSE:CHGG) from a buy rating to a hold rating in a report published on Wednesday, Marketbeat reports. They currently have $14.00 price target on the technology company’s stock, up from their previous price target of $12.00.

Other analysts have also issued research reports about the stock. Jefferies Group LLC reiterated a buy rating and set a $13.00 price objective on shares of Chegg in a research note on Friday, June 23rd. Craig Hallum upgraded shares of Chegg from a hold rating to a buy rating in a research note on Tuesday, April 4th. Zacks Investment Research upgraded shares of Chegg from a hold rating to a buy rating and set a $13.00 price objective on the stock in a research note on Friday, May 5th. ValuEngine upgraded shares of Chegg from a sell rating to a hold rating in a research note on Friday, June 2nd. Finally, Barrington Research reiterated an outperform rating on shares of Chegg in a research note on Friday, June 23rd. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $12.79.

Chegg (NYSE:CHGG) opened at 14.14 on Wednesday. Chegg has a 12-month low of $5.40 and a 12-month high of $15.37. The firm’s 50-day moving average is $12.89 and its 200 day moving average is $9.94. The firm’s market cap is $1.35 billion.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Tuesday, July 25th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by $0.08. The firm had revenue of $56.30 million for the quarter, compared to analysts’ expectations of $53.33 million. Chegg had a negative net margin of 11.83% and a negative return on equity of 8.14%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.05 EPS. Equities research analysts predict that Chegg will post $0.24 EPS for the current year.

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In other Chegg news, insider Nathan J. Schultz sold 15,276 shares of Chegg stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $12.00, for a total value of $183,312.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew J. Brown sold 100,000 shares of Chegg stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $12.50, for a total transaction of $1,250,000.00. Following the completion of the transaction, the insider now directly owns 678,760 shares of the company’s stock, valued at approximately $8,484,500. The disclosure for this sale can be found here. In the last 90 days, insiders sold 562,484 shares of company stock valued at $6,954,404. Insiders own 20.40% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in CHGG. Parametric Portfolio Associates LLC increased its position in Chegg by 58.0% in the first quarter. Parametric Portfolio Associates LLC now owns 43,235 shares of the technology company’s stock worth $365,000 after buying an additional 15,877 shares in the last quarter. Parkwood LLC increased its position in Chegg by 26.0% in the first quarter. Parkwood LLC now owns 13,077 shares of the technology company’s stock worth $110,000 after buying an additional 2,701 shares in the last quarter. TD Asset Management Inc. increased its position in Chegg by 59.0% in the first quarter. TD Asset Management Inc. now owns 91,272 shares of the technology company’s stock worth $770,000 after buying an additional 33,872 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in Chegg by 137.8% in the first quarter. UBS Asset Management Americas Inc. now owns 26,874 shares of the technology company’s stock worth $227,000 after buying an additional 15,574 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Chegg by 7.7% in the first quarter. Bank of New York Mellon Corp now owns 330,216 shares of the technology company’s stock worth $2,787,000 after buying an additional 23,586 shares in the last quarter. 77.35% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Chegg (NYSE:CHGG)

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