Chegg, Inc. (CHGG) Lowered to “Equal Weight” at First Analysis

Chegg, Inc. (NYSE:CHGG) was downgraded by equities research analysts at First Analysis from an “overweight” rating to an “equal weight” rating in a note issued to investors on Tuesday. They currently have a $18.00 price target on the technology company’s stock. First Analysis’ target price suggests a potential upside of 10.43% from the company’s previous close.

CHGG has been the topic of a number of other reports. Northland Securities reiterated a “buy” rating and issued a $16.00 price objective on shares of Chegg in a research report on Tuesday, August 29th. Zacks Investment Research lowered Chegg from a “buy” rating to a “hold” rating in a research report on Monday, September 25th. Jefferies Group LLC reiterated a “buy” rating and issued a $17.00 price objective on shares of Chegg in a research report on Thursday, September 7th. BidaskClub lowered Chegg from a “buy” rating to a “hold” rating in a research report on Saturday, August 26th. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and issued a $15.00 price objective (up from $12.00) on shares of Chegg in a research report on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $14.05.

Chegg (CHGG) opened at 16.30 on Tuesday. The firm’s 50-day moving average price is $15.27 and its 200-day moving average price is $13.31. The firm’s market cap is $1.56 billion. Chegg has a 12 month low of $6.51 and a 12 month high of $16.50.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, November 6th. The technology company reported $0.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.02. The firm had revenue of $62.60 million during the quarter, compared to analysts’ expectations of $57.75 million. Chegg had a negative return on equity of 8.10% and a negative net margin of 11.83%. The business’s revenue was down 12.2% on a year-over-year basis. During the same period last year, the firm posted ($0.17) EPS. Equities research analysts predict that Chegg will post $0.23 earnings per share for the current year.

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In related news, General Counsel Dave Jr. Borders sold 13,256 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $15.06, for a total transaction of $199,635.36. Following the sale, the general counsel now owns 443,810 shares of the company’s stock, valued at approximately $6,683,778.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Charles Geiger sold 70,300 shares of the firm’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $13.84, for a total value of $972,952.00. Following the sale, the insider now directly owns 543,468 shares in the company, valued at approximately $7,521,597.12. The disclosure for this sale can be found here. Insiders have sold a total of 240,526 shares of company stock worth $3,515,359 in the last ninety days. 20.40% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the stock. TIAA CREF Investment Management LLC raised its stake in Chegg by 6.1% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 226,381 shares of the technology company’s stock worth $2,782,000 after buying an additional 13,011 shares during the period. Pier Capital LLC raised its stake in shares of Chegg by 2.8% in the 2nd quarter. Pier Capital LLC now owns 363,940 shares of the technology company’s stock valued at $4,473,000 after purchasing an additional 9,853 shares during the period. Summit Creek Advisors LLC acquired a new stake in shares of Chegg in the 3rd quarter valued at about $2,557,000. Schwab Charles Investment Management Inc. raised its stake in shares of Chegg by 4.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 229,459 shares of the technology company’s stock valued at $1,937,000 after purchasing an additional 10,602 shares during the period. Finally, Federated Investors Inc. PA acquired a new stake in shares of Chegg in the 2nd quarter valued at about $486,000. 84.23% of the stock is currently owned by institutional investors and hedge funds.

Chegg Company Profile

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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