Chegg (CHGG) Reaches New 1-Year High at $20.44

Chegg Inc (NYSE:CHGG)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $20.44 and last traded at $20.42, with a volume of 1474497 shares traded. The stock had previously closed at $19.48.

CHGG has been the subject of a number of research analyst reports. 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. JPMorgan Chase & Co. lifted their price target on Chegg from $15.00 to $18.00 and gave the stock an “overweight” rating in a report on Wednesday, November 1st. Northland Securities restated a “buy” rating and set a $20.00 price objective on shares of Chegg in a research report on Tuesday, January 9th. Barrington Research restated an “outperform” rating and set a $19.00 price objective (up from $17.00) on shares of Chegg in a research report on Tuesday, October 31st. Finally, BMO Capital Markets restated a “buy” rating and set a $20.00 price objective on shares of Chegg in a research report on Wednesday, January 17th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $17.09.

The firm has a market cap of $2,146.20, a PE ratio of -95.07, a PEG ratio of 6.99 and a beta of 1.74.

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

In other news, insider Michael A. Osier sold 200,000 shares of Chegg stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $15.25, for a total value of $3,050,000.00. Following the completion of the sale, the insider now directly owns 653,061 shares in the company, valued at $9,959,180.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Daniel Rosensweig sold 199,611 shares of Chegg stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $16.00, for a total transaction of $3,193,776.00. Following the completion of the sale, the chief executive officer now owns 2,207,689 shares of the company’s stock, valued at $35,323,024. The disclosure for this sale can be found here. Over the last quarter, insiders sold 869,323 shares of company stock valued at $14,302,385. 20.40% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nationwide Fund Advisors raised its position in shares of Chegg by 2.2% in the second quarter. Nationwide Fund Advisors now owns 47,047 shares of the technology company’s stock valued at $578,000 after buying an additional 1,005 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Chegg by 4.2% in the second quarter. Parametric Portfolio Associates LLC now owns 45,058 shares of the technology company’s stock valued at $554,000 after buying an additional 1,823 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Chegg by 3.3% in the second quarter. The Manufacturers Life Insurance Company now owns 65,306 shares of the technology company’s stock valued at $802,000 after buying an additional 2,074 shares in the last quarter. Voya Investment Management LLC raised its position in Chegg by 9.2% during the second quarter. Voya Investment Management LLC now owns 39,586 shares of the technology company’s stock valued at $487,000 after purchasing an additional 3,331 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its position 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 valued at $108,000 after purchasing an additional 3,790 shares in the last quarter.

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About Chegg

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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