Chegg (CHGG) Price Target Increased to $20.00 by Analysts at JPMorgan Chase & Co.

Chegg (NYSE:CHGG) had its target price raised by JPMorgan Chase & Co. from $18.00 to $20.00 in a report released on Tuesday morning. They currently have an overweight rating on the technology company’s stock.

A number of other research firms have also recently commented on CHGG. Citigroup initiated coverage on Chegg in a report on Monday, November 20th. They set a buy rating and a $19.00 price target for the company. Northland Securities reissued a buy rating and set a $20.00 price target on shares of Chegg in a report on Tuesday, January 9th. Barrington Research reissued an outperform rating and set a $19.00 price target (up previously from $17.00) on shares of Chegg in a report on Tuesday, October 31st. BMO Capital Markets reissued a buy rating and set a $20.00 price target on shares of Chegg in a report on Wednesday, January 17th. Finally, BidaskClub raised Chegg from a hold rating to a buy rating in a report on Tuesday, October 31st. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $17.09.

Chegg (NYSE:CHGG) opened at $19.57 on Tuesday. The firm has a market capitalization of $2,120.00, a price-to-earnings ratio of -93.19, a price-to-earnings-growth ratio of 6.85 and a beta of 1.74. Chegg has a fifty-two week low of $7.81 and a fifty-two week high of $19.96.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, February 12th. The technology company reported $0.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.02. Chegg had a negative return on equity of 2.64% and a negative net margin of 7.95%. The firm had revenue of $73.51 million during the quarter, compared to analysts’ expectations of $70.61 million. During the same period in the previous year, the firm earned $0.10 EPS. The company’s quarterly revenue was up 16.5% compared to the same quarter last year. equities research analysts predict that Chegg will post 0.11 EPS for the current year.

In related news, insider Jenny Brandemuehl sold 50,000 shares of the business’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $15.67, for a total transaction of $783,500.00. Following the sale, the insider now owns 421,461 shares in the company, valued at approximately $6,604,293.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Esther Lem sold 9,400 shares of the business’s stock in a transaction on Friday, January 12th. The stock was sold at an average price of $17.00, for a total value of $159,800.00. Following the sale, the insider now owns 505,120 shares in the company, valued at approximately $8,587,040. The disclosure for this sale can be found here. Insiders have sold a total of 869,323 shares of company stock worth $14,302,385 in the last 90 days. 20.40% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the stock. Gilder Gagnon Howe & Co. LLC grew its position in Chegg by 4.2% during the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 7,337,758 shares of the technology company’s stock worth $119,752,000 after acquiring an additional 294,847 shares during the last quarter. Sylebra HK Co Ltd grew its position in Chegg by 3.8% during the 3rd quarter. Sylebra HK Co Ltd now owns 6,956,896 shares of the technology company’s stock worth $103,240,000 after acquiring an additional 257,847 shares during the last quarter. BlackRock Inc. grew its position in Chegg by 1.3% during the 4th quarter. BlackRock Inc. now owns 5,566,601 shares of the technology company’s stock worth $90,847,000 after acquiring an additional 71,515 shares during the last quarter. Alliancebernstein L.P. grew its position in Chegg by 14.0% during the 4th quarter. Alliancebernstein L.P. now owns 3,331,046 shares of the technology company’s stock worth $54,363,000 after acquiring an additional 409,956 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Chegg by 22.7% during the 2nd quarter. Vanguard Group Inc. now owns 3,232,947 shares of the technology company’s stock worth $39,733,000 after acquiring an additional 597,063 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.

Analyst Recommendations for Chegg (NYSE:CHGG)

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