Shares of Chegg (NYSE:CHGG) hit a new 52-week high and low during trading on Thursday . The stock traded as low as $23.54 and last traded at $23.26, with a volume of 706644 shares. The stock had previously closed at $23.10.
Several brokerages have commented on CHGG. BMO Capital Markets reiterated a “buy” rating and issued a $26.00 price target on shares of Chegg in a research note on Wednesday, April 11th. ValuEngine upgraded shares of Chegg from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Citigroup cut shares of Chegg from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $22.70 to $23.00 in a research note on Tuesday, March 13th. Morgan Stanley began coverage on shares of Chegg in a research note on Monday, February 26th. They issued an “equal weight” rating and a $23.00 price target on the stock. Finally, Zacks Investment Research cut shares of Chegg from a “hold” rating to a “sell” rating in a research note on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $18.42.
The stock has a market cap of $2,540.14, a PE ratio of -250.00, a PEG ratio of 7.83 and a beta of 1.44.
Chegg (NYSE:CHGG) last announced its earnings results on Monday, February 12th. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.02. The firm had revenue of $73.51 million for the quarter, compared to analysts’ expectations of $70.61 million. Chegg had a negative net margin of 7.95% and a negative return on equity of 2.37%. The business’s revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.10 EPS. equities analysts forecast that Chegg will post 0.12 earnings per share for the current fiscal year.
Chegg announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, March 28th that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the technology company to repurchase up to 0.9% of its stock through a private placement purchase. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
In other news, insider Andrew J. Brown sold 87,500 shares of the company’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $20.27, for a total transaction of $1,773,625.00. Following the sale, the insider now directly owns 675,583 shares in the company, valued at approximately $13,694,067.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael A. Osier sold 48,750 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $17.08, for a total transaction of $832,650.00. Following the sale, the insider now owns 630,652 shares in the company, valued at $10,771,536.16. The disclosure for this sale can be found here. Insiders have sold a total of 1,143,281 shares of company stock worth $23,367,928 over the last 90 days. Corporate insiders own 20.40% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Great West Life Assurance Co. Can raised its position in shares of Chegg by 106.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock valued at $108,000 after buying an additional 3,790 shares in the last quarter. Xact Kapitalforvaltning AB purchased a new stake in shares of Chegg during the 4th quarter valued at about $169,000. Suntrust Banks Inc. purchased a new stake in shares of Chegg during the 4th quarter valued at about $182,000. JPMorgan Chase & Co. grew its holdings in Chegg by 53.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 16,302 shares of the technology company’s stock valued at $240,000 after purchasing an additional 5,702 shares during the last quarter. Finally, Millennium Management LLC bought a new position in Chegg during the 4th quarter valued at about $388,000.
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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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