Brokers Offer Predictions for Chegg Inc’s FY2018 Earnings (CHGG)

Chegg Inc (NYSE:CHGG) – Research analysts at Barrington Research boosted their FY2018 earnings per share estimates for Chegg in a research note issued to investors on Tuesday, October 30th. Barrington Research analyst A. Paris. Jr now expects that the technology company will post earnings per share of $0.10 for the year, up from their previous estimate of $0.08. Barrington Research has a “Buy” rating and a $32.00 price objective on the stock.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, October 29th. The technology company reported $0.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.04. Chegg had a negative net margin of 5.55% and a positive return on equity of 1.75%. The business had revenue of $74.20 million during the quarter, compared to the consensus estimate of $69.02 million. During the same quarter last year, the firm posted $0.01 EPS. The business’s revenue was up 18.5% compared to the same quarter last year.

CHGG has been the subject of a number of other reports. First Analysis raised shares of Chegg from a “neutral” rating to an “outperform” rating and set a $30.00 target price for the company in a report on Tuesday, October 30th. Jefferies Financial Group dropped their price objective on Chegg from $30.00 to $28.00 and set a “hold” rating for the company in a research note on Tuesday, October 30th. Citigroup raised their price objective on Chegg from $23.50 to $27.00 and gave the company a “hold” rating in a research note on Tuesday, July 31st. Morgan Stanley raised their price objective on Chegg from $24.00 to $28.00 and gave the company a “hold” rating in a research note on Wednesday, August 1st. Finally, Lake Street Capital raised their price objective on Chegg from $20.00 to $26.00 and gave the company a “hold” rating in a research note on Tuesday, July 31st. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $26.80.

Shares of Chegg stock opened at $26.72 on Friday. Chegg has a 12-month low of $13.75 and a 12-month high of $32.82. The company has a debt-to-equity ratio of 0.72, a current ratio of 6.56 and a quick ratio of 10.11. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of 534.40, a P/E/G ratio of 10.36 and a beta of 1.43.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its position in Chegg by 17.3% during the 2nd quarter. BlackRock Inc. now owns 6,648,320 shares of the technology company’s stock worth $184,758,000 after purchasing an additional 978,343 shares in the last quarter. FMR LLC grew its holdings in shares of Chegg by 19.3% during the second quarter. FMR LLC now owns 6,321,121 shares of the technology company’s stock worth $175,664,000 after buying an additional 1,022,400 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of Chegg by 10.7% during the second quarter. Baillie Gifford & Co. now owns 4,663,439 shares of the technology company’s stock worth $129,597,000 after buying an additional 450,585 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in shares of Chegg by 0.7% during the second quarter. Artisan Partners Limited Partnership now owns 1,479,400 shares of the technology company’s stock worth $41,113,000 after buying an additional 9,686 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Chegg by 16.6% during the second quarter. Northern Trust Corp now owns 1,326,785 shares of the technology company’s stock worth $36,872,000 after buying an additional 188,758 shares in the last quarter.

In other Chegg news, CEO Daniel Rosensweig sold 150,000 shares of the firm’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $31.07, for a total transaction of $4,660,500.00. Following the completion of the transaction, the chief executive officer now owns 2,435,450 shares of the company’s stock, valued at $75,669,431.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John E. York sold 25,000 shares of the firm’s stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $29.10, for a total value of $727,500.00. Following the transaction, the director now directly owns 33,214 shares of the company’s stock, valued at approximately $966,527.40. The disclosure for this sale can be found here. Insiders have sold a total of 565,000 shares of company stock valued at $16,156,650 over the last 90 days. 10.80% of the stock is currently owned by insiders.

Chegg Company Profile

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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