Zacks Investment Research upgraded shares of Chegg (NYSE:CHGG) from a hold rating to a buy rating in a research note released on Wednesday, Zacks.com reports. They currently have $48.00 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. “
Other research analysts have also recently issued research reports about the stock. Needham & Company LLC reiterated a hold rating on shares of GrubHub in a research report on Wednesday, June 5th. Barrington Research set a $37.00 price objective on shares of Lawson Products and gave the company a buy rating in a research report on Wednesday, April 17th. Morgan Stanley reiterated an equal weight rating and set a GBX 250 ($3.27) price objective on shares of BT Group in a research report on Tuesday, April 30th. Craig Hallum reiterated a buy rating and set a $50.00 price objective (up previously from $45.00) on shares of Chegg in a research report on Tuesday, April 30th. Finally, Lake Street Capital cut shares of CommVault Systems from a buy rating to a hold rating and cut their price objective for the company from $69.00 to $60.00 in a research report on Tuesday, April 30th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Chegg currently has a consensus rating of Buy and a consensus price target of $40.36.
Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, April 29th. The technology company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.09). Chegg had a positive return on equity of 4.73% and a negative net margin of 4.86%. The business had revenue of $97.40 million during the quarter, compared to the consensus estimate of $94.69 million. During the same quarter in the prior year, the firm posted $0.10 EPS. The company’s revenue for the quarter was up 26.6% on a year-over-year basis. Analysts anticipate that Chegg will post 0.19 earnings per share for the current year.
In other news, insider Jenny Brandemuehl sold 68,953 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $38.00, for a total transaction of $2,620,214.00. Following the completion of the sale, the insider now directly owns 301,683 shares of the company’s stock, valued at $11,463,954. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael A. Osier sold 4,264 shares of the business’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $40.22, for a total transaction of $171,498.08. Following the sale, the insider now directly owns 547,120 shares of the company’s stock, valued at $22,005,166.40. The disclosure for this sale can be found here. Insiders have sold 895,177 shares of company stock worth $33,722,624 in the last quarter. Company insiders own 5.80% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of CHGG. PRW Wealth Management LLC purchased a new stake in shares of Chegg during the fourth quarter valued at $56,000. Stephens Inc. AR boosted its stake in shares of Chegg by 1,027.2% during the first quarter. Stephens Inc. AR now owns 1,781 shares of the technology company’s stock valued at $68,000 after purchasing an additional 1,623 shares during the period. Icon Wealth Partners LLC purchased a new stake in shares of Chegg during the first quarter valued at $71,000. Quantamental Technologies LLC purchased a new stake in shares of Chegg during the first quarter valued at $81,000. Finally, Institutional & Family Asset Management LLC boosted its stake in shares of Chegg by 870.9% during the first quarter. Institutional & Family Asset Management LLC now owns 2,670 shares of the technology company’s stock valued at $102,000 after purchasing an additional 2,395 shares during the period.
Chegg, Inc operates direct-to-student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.
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