Citigroup assumed coverage on shares of Chegg (NYSE:CHGG) in a research note published on Monday, November 20th. The brokerage issued a buy rating and a $19.00 price target on the technology company’s stock.
CHGG has been the topic of several other research reports. Northland Securities restated a buy rating and set a $16.00 price target on shares of Chegg in a report on Tuesday, August 29th. Zacks Investment Research downgraded Chegg from a buy rating to a hold rating in a report on Monday, September 25th. Jefferies Group reiterated a buy rating and issued a $17.00 price objective on shares of Chegg in a report on Thursday, September 7th. Barrington Research reiterated an outperform rating and issued a $19.00 price objective (up previously from $17.00) on shares of Chegg in a report on Tuesday, October 31st. Finally, BidaskClub downgraded Chegg from a buy rating to a hold rating in a report on Saturday, August 26th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $15.42.
Shares of Chegg (NYSE CHGG) traded up $0.48 during trading on Monday, hitting $14.48. The stock had a trading volume of 893,126 shares, compared to its average volume of 992,303. Chegg has a twelve month low of $6.84 and a twelve month high of $16.50.
Chegg (NYSE:CHGG) last posted its earnings results on Monday, October 30th. The technology company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $62.60 million for the quarter, compared to analyst estimates of $57.75 million. During the same quarter in the prior year, the company earned ($0.17) EPS. Chegg’s revenue was down 12.2% on a year-over-year basis. sell-side analysts expect that Chegg will post -0.09 earnings per share for the current year.
In other Chegg news, General Counsel Dave Jr. Borders sold 13,256 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $15.06, for a total transaction of $199,635.36. Following the transaction, the general counsel now owns 443,810 shares in the company, valued at $6,683,778.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Michael A. Osier sold 200,000 shares of the business’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $15.25, for a total value of $3,050,000.00. Following the completion of the transaction, the insider now owns 653,061 shares in the company, valued at approximately $9,959,180.25. The disclosure for this sale can be found here. Insiders have sold 635,154 shares of company stock valued at $9,322,699 in the last three months. 20.40% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in CHGG. Gilder Gagnon Howe & Co. LLC bought a new stake in Chegg in the second quarter valued at about $55,365,000. Fred Alger Management Inc. bought a new stake in Chegg in the second quarter valued at about $31,014,000. Millennium TVP Management Co. LLC bought a new stake in Chegg in the third quarter valued at about $25,896,000. Russell Investments Group Ltd. increased its holdings in Chegg by 423.2% in the second quarter. Russell Investments Group Ltd. now owns 2,101,975 shares of the technology company’s stock valued at $25,833,000 after buying an additional 1,700,195 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its holdings in Chegg by 113.7% in the second quarter. Lord Abbett & CO. LLC now owns 2,117,780 shares of the technology company’s stock valued at $26,028,000 after buying an additional 1,126,806 shares during the last quarter.
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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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