Wall Street brokerages predict that Chegg Inc (NYSE:CHGG) will report $91.74 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for Chegg’s earnings, with the highest sales estimate coming in at $92.12 million and the lowest estimate coming in at $91.26 million. Chegg reported sales of $73.51 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 24.8%. The firm is scheduled to issue its next quarterly earnings report on Monday, February 11th.
On average, analysts expect that Chegg will report full year sales of $317.06 million for the current financial year, with estimates ranging from $316.63 million to $317.53 million. For the next year, analysts anticipate that the business will post sales of $388.50 million, with estimates ranging from $388.00 million to $389.19 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Chegg.
Chegg (NYSE:CHGG) last released its quarterly earnings data on Monday, October 29th. The technology company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.04. The firm had revenue of $74.20 million during the quarter, compared to the consensus estimate of $69.02 million. Chegg had a positive return on equity of 1.75% and a negative net margin of 5.55%. The firm’s quarterly revenue was up 18.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.01 earnings per share.
A number of brokerages have commented on CHGG. Citigroup upgraded shares of Chegg from a “neutral” rating to a “buy” rating in a report on Thursday, October 25th. Barrington Research reiterated a “buy” rating and issued a $32.00 target price on shares of Chegg in a report on Monday, October 22nd. Zacks Investment Research upgraded shares of Chegg from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a report on Tuesday, October 9th. Craig Hallum upgraded shares of Chegg from a “hold” rating to a “buy” rating in a report on Tuesday, October 2nd. Finally, Morgan Stanley boosted their target price on shares of Chegg from $24.00 to $28.00 and gave the stock a “hold” rating in a report on Wednesday, August 1st. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $26.80.
CHGG stock opened at $26.62 on Wednesday. The company has a quick ratio of 6.56, a current ratio of 6.56 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $3.07 billion, a P/E ratio of -295.78, a PEG ratio of 10.36 and a beta of 1.43. Chegg has a 1-year low of $13.75 and a 1-year high of $32.82.
In other news, insider Jenny Brandemuehl sold 75,000 shares of the company’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $28.50, for a total transaction of $2,137,500.00. Following the transaction, the insider now owns 516,962 shares in the company, valued at $14,733,417. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Daniel Rosensweig sold 150,000 shares of the company’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $29.28, for a total transaction of $4,392,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 565,000 shares of company stock worth $16,156,650. Corporate insiders own 10.80% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its holdings in shares of Chegg by 17.3% during the second quarter. BlackRock Inc. now owns 6,648,320 shares of the technology company’s stock valued at $184,758,000 after acquiring an additional 978,343 shares in the last quarter. FMR LLC boosted its position in Chegg by 19.3% in the second quarter. FMR LLC now owns 6,321,121 shares of the technology company’s stock valued at $175,664,000 after buying an additional 1,022,400 shares during the last quarter. Baillie Gifford & Co. boosted its position in Chegg by 10.7% in the second quarter. Baillie Gifford & Co. now owns 4,663,439 shares of the technology company’s stock valued at $129,597,000 after buying an additional 450,585 shares during the last quarter. Artisan Partners Limited Partnership boosted its position in Chegg by 0.7% in the second quarter. Artisan Partners Limited Partnership now owns 1,479,400 shares of the technology company’s stock valued at $41,113,000 after buying an additional 9,686 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Chegg by 16.6% in the second quarter. Northern Trust Corp now owns 1,326,785 shares of the technology company’s stock valued at $36,872,000 after buying an additional 188,758 shares during the last quarter.
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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