Chegg (NYSE:CHGG) Earns Buy Rating from Northland Securities

Chegg (NYSE:CHGG)‘s stock had its “buy” rating reiterated by analysts at Northland Securities in a report issued on Tuesday, January 9th. They presently have a $20.00 price target on the technology company’s stock. Northland Securities’ price objective points to a potential upside of 17.23% from the stock’s previous close.

CHGG has been the topic of several other research reports. Zacks Investment Research downgraded Chegg from a “buy” rating to a “hold” rating in a report on Monday, September 25th. Citigroup initiated coverage on Chegg in a report on Monday, November 20th. They issued a “buy” rating and a $19.00 target price on the stock. Barrington Research reiterated an “outperform” rating and issued a $19.00 target price (up previously from $17.00) on shares of Chegg in a report on Tuesday, October 31st. BidaskClub downgraded Chegg from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Finally, JPMorgan Chase & Co. upped their target price on Chegg from $15.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $16.45.

Shares of Chegg (NYSE:CHGG) opened at $17.06 on Tuesday. Chegg has a 1-year low of $6.84 and a 1-year high of $17.42.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, October 30th. The technology company reported $0.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.02. The company had revenue of $62.60 million during the quarter, compared to the consensus estimate of $57.75 million. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. Chegg’s revenue was down 12.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.17) EPS. equities analysts forecast that Chegg will post -0.09 earnings per share for the current fiscal year.

In related news, insider Esther Lem sold 40,000 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $17.16, for a total value of $686,400.00. Following the completion of the transaction, the insider now directly owns 465,120 shares in the company, valued at $7,981,459.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael A. Osier sold 114,928 shares of the company’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $14.69, for a total value of $1,688,292.32. Following the completion of the transaction, the insider now owns 591,902 shares of the company’s stock, valued at $8,695,040.38. The disclosure for this sale can be found here. Insiders have sold 974,251 shares of company stock valued at $15,021,677 in the last ninety days. Company insiders own 20.40% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. acquired a new position in Chegg during the second quarter worth $104,000. Great West Life Assurance Co. Can raised its stake in Chegg by 106.2% during the third quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock worth $108,000 after acquiring an additional 3,790 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in Chegg by 1,829.9% during the second quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock worth $111,000 after acquiring an additional 8,582 shares in the last quarter. Stifel Financial Corp acquired a new position in Chegg during the second quarter worth $116,000. Finally, Cipher Capital LP acquired a new position in Chegg during the second quarter worth $127,000.

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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.

Analyst Recommendations for Chegg (NYSE:CHGG)

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