Chegg, Inc. (NYSE:CHGG)‘s stock had its “outperform” rating reissued by analysts at Barrington Research in a report issued on Tuesday. They presently have a $19.00 target price on the technology company’s stock, up from their prior target price of $17.00. Barrington Research’s target price indicates a potential upside of 22.50% from the stock’s current price.
Several other research firms have also recently issued reports on CHGG. First Analysis cut shares of Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 price objective for the company. in a research report on Tuesday. BidaskClub upgraded shares of Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research cut shares of Chegg from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. BMO Capital Markets restated an “outperform” rating and set a $18.00 price objective (up from $16.00) on shares of Chegg in a research report on Wednesday, July 26th. Finally, Northland Securities restated a “buy” rating and set a $16.00 price objective on shares of Chegg in a research report on Friday, July 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $15.09.
Chegg (NYSE:CHGG) last released its quarterly earnings data on Monday, October 30th. The technology company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. The firm had revenue of $62.60 million during the quarter, compared to analysts’ expectations of $57.75 million. During the same period last year, the business earned ($0.17) earnings per share. Chegg’s revenue was down 12.2% compared to the same quarter last year.
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In other Chegg news, General Counsel Dave Jr. Borders sold 13,256 shares of the stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $15.06, for a total transaction of $199,635.36. Following the completion of the transaction, the general counsel now owns 443,810 shares of the company’s stock, valued at $6,683,778.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Charles Geiger sold 70,300 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $13.84, for a total transaction of $972,952.00. Following the transaction, the insider now directly owns 543,468 shares of the company’s stock, valued at approximately $7,521,597.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 240,526 shares of company stock valued at $3,515,359. 20.40% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in CHGG. PNC Financial Services Group Inc. purchased a new position in Chegg during the second quarter worth about $104,000. BNP Paribas Arbitrage SA boosted its stake in Chegg by 1,829.9% during the second quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock worth $111,000 after buying an additional 8,582 shares during the period. Principal Financial Group Inc. boosted its stake in Chegg by 7.2% during the first quarter. Principal Financial Group Inc. now owns 13,743 shares of the technology company’s stock worth $116,000 after buying an additional 926 shares during the period. Stifel Financial Corp purchased a new position in Chegg during the second quarter worth about $116,000. Finally, Bank of America Corp DE boosted its stake in Chegg by 29.0% during the first quarter. Bank of America Corp DE now owns 14,267 shares of the technology company’s stock worth $120,000 after buying an additional 3,205 shares during the period. 84.23% of the stock is owned by institutional investors.
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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