Shares of Chegg Inc (NYSE:CHGG) reached a new 52-week high and low on Thursday . The company traded as low as $26.68 and last traded at $26.53, with a volume of 38139 shares. The stock had previously closed at $26.18.
A number of analysts recently weighed in on CHGG shares. BMO Capital Markets reaffirmed a “buy” rating and set a $26.00 target price on shares of Chegg in a report on Wednesday, April 11th. ValuEngine raised shares of Chegg from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Morgan Stanley started coverage on shares of Chegg in a report on Monday, February 26th. They set an “equal weight” rating and a $23.00 target price on the stock. Lake Street Capital upped their target price on shares of Chegg from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Tuesday, February 13th. Finally, Craig Hallum lowered shares of Chegg from a “buy” rating to a “hold” rating in a report on Friday, April 27th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Chegg currently has a consensus rating of “Hold” and a consensus target price of $21.00.
The firm has a market capitalization of $2.93 billion, a P/E ratio of -298.22, a price-to-earnings-growth ratio of 18.04 and a beta of 1.42.
Chegg (NYSE:CHGG) last issued its quarterly earnings results on Thursday, April 26th. The technology company reported $0.10 EPS for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.01. The firm had revenue of $76.95 million for the quarter, compared to analyst estimates of $74.15 million. Chegg had a negative net margin of 6.12% and a negative return on equity of 0.95%. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.06 EPS. research analysts forecast that Chegg Inc will post 0.06 EPS for the current year.
Chegg declared that its Board of Directors has approved a share buyback program on Wednesday, March 28th that authorizes the company to repurchase $20.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 0.9% of its shares through a private placement purchase. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, CMO Esther Lem sold 50,000 shares of the company’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $19.78, for a total value of $989,000.00. Following the completion of the sale, the chief marketing officer now owns 519,387 shares of the company’s stock, valued at approximately $10,273,474.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nathan J. Schultz sold 4,318 shares of the company’s stock in a transaction on Friday, May 18th. The shares were sold at an average price of $26.00, for a total transaction of $112,268.00. Following the completion of the sale, the insider now directly owns 508,778 shares of the company’s stock, valued at approximately $13,228,228. The disclosure for this sale can be found here. Insiders sold a total of 1,289,399 shares of company stock worth $29,416,008 in the last three months. Insiders own 10.80% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Xact Kapitalforvaltning AB boosted its stake in shares of Chegg by 34.8% in the 1st quarter. Xact Kapitalforvaltning AB now owns 13,932 shares of the technology company’s stock valued at $288,000 after purchasing an additional 3,600 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Chegg by 13.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 31,646 shares of the technology company’s stock valued at $654,000 after purchasing an additional 3,871 shares in the last quarter. KBC Group NV boosted its stake in shares of Chegg by 5.5% in the 4th quarter. KBC Group NV now owns 104,482 shares of the technology company’s stock valued at $1,705,000 after purchasing an additional 5,417 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Chegg in the 1st quarter valued at $137,000. Finally, First Mercantile Trust Co. boosted its stake in shares of Chegg by 53.2% in the 4th quarter. First Mercantile Trust Co. now owns 26,311 shares of the technology company’s stock valued at $429,000 after purchasing an additional 9,142 shares in the last quarter.
Chegg, Inc operates direct-to-student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.
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