BidaskClub downgraded shares of Chegg, Inc. (NYSE:CHGG) from a buy rating to a hold rating in a report released on Friday.
Other equities research analysts also recently issued research reports about the company. Zacks Investment Research upgraded Chegg from a hold rating to a buy rating and set a $16.00 target price on the stock in a research report on Friday, July 28th. Lake Street Capital downgraded Chegg from a buy rating to a hold rating and lifted their target price for the company from $12.00 to $14.00 in a research report on Wednesday, July 26th. BMO Capital Markets restated an outperform rating and issued a $18.00 target price (up previously from $16.00) on shares of Chegg in a research report on Wednesday, July 26th. J P Morgan Chase & Co lifted their target price on Chegg from $15.00 to $18.00 and gave the company an overweight rating in a research report on Wednesday, November 1st. Finally, Northland Securities restated a buy rating and issued a $18.00 target price on shares of Chegg in a research report on Wednesday, November 1st. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $15.09.
Chegg (CHGG) opened at $14.04 on Friday. Chegg has a 1 year low of $6.84 and a 1 year high of $16.50.
Chegg (NYSE:CHGG) last posted its earnings results on Monday, October 30th. The technology company reported $0.01 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.02. Chegg had a negative return on equity of 5.06% and a negative net margin of 10.40%. The company had revenue of $62.60 million for the quarter, compared to the consensus estimate of $57.75 million. During the same quarter in the previous year, the business earned ($0.17) earnings per share. The company’s revenue for the quarter was down 12.2% on a year-over-year basis. research analysts predict that Chegg will post -0.1 EPS for the current year.
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In other news, CEO Daniel Rosensweig sold 200,000 shares of Chegg stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $14.03, for a total value of $2,806,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Dave Jr. Borders sold 13,256 shares of Chegg stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $15.06, for a total value of $199,635.36. Following the completion of the sale, the general counsel now directly owns 443,810 shares of the company’s stock, valued at $6,683,778.60. The disclosure for this sale can be found here. Insiders sold 505,454 shares of company stock valued at $7,245,651 over the last ninety days. Insiders own 20.40% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CHGG. PNC Financial Services Group Inc. acquired a new position in Chegg during the 2nd quarter worth $104,000. Great West Life Assurance Co. Can grew its stake in Chegg by 106.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock worth $108,000 after purchasing an additional 3,790 shares in the last quarter. BNP Paribas Arbitrage SA grew its stake in Chegg by 1,829.9% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock worth $111,000 after purchasing an additional 8,582 shares in the last quarter. Principal Financial Group Inc. grew its stake in Chegg by 7.2% during the 1st quarter. Principal Financial Group Inc. now owns 13,743 shares of the technology company’s stock worth $116,000 after purchasing an additional 926 shares in the last quarter. Finally, Stifel Financial Corp acquired a new position in Chegg during the 2nd quarter worth $116,000. 86.50% 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.
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