Zacks Investment Research upgraded shares of Chegg, Inc. (NYSE:CHGG) from a sell rating to a hold rating in a research note published on Friday.
According to Zacks, “Chegg, Inc. provides a social education platform. The Company rents and sells print textbooks; and provides eTextbooks, supplemental materials, homework help, textbook buyback, courses, and college admissions and scholarship services, as well as offers enrollment marketing and brand advertising services. Chegg, Inc. is headquartered in Santa Clara, California. “
Other analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Chegg from a strong-buy rating to a buy rating in a report on Wednesday, August 2nd. Northland Securities reaffirmed a buy rating and set a $16.00 target price on shares of Chegg in a report on Friday, July 28th. Jefferies Group LLC reaffirmed a buy rating and set a $17.00 target price on shares of Chegg in a report on Thursday, September 7th. First Analysis downgraded shares of Chegg from an overweight rating to an equal weight rating and set a $18.00 target price for the company. in a report on Tuesday, October 31st. Finally, Lake Street Capital downgraded shares of Chegg from a buy rating to a hold rating and lifted their target price for the stock from $12.00 to $14.00 in a report on Wednesday, July 26th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $15.09.
Chegg (CHGG) traded up $0.04 during midday trading on Friday, reaching $14.78. The company’s stock had a trading volume of 485,391 shares, compared to its average volume of 1,167,241. Chegg has a one year low of $6.55 and a one year high of $16.50.
Chegg (NYSE:CHGG) last announced its earnings results on Monday, October 30th. The technology company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.02. The business had revenue of $62.60 million during the quarter, compared to the consensus estimate of $57.75 million. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. Chegg’s revenue was down 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.17) EPS. equities analysts forecast that Chegg will post -0.1 EPS for the current fiscal year.
In other Chegg news, insider Charles Geiger sold 70,300 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $13.84, for a total value of $972,952.00. Following the completion of the sale, the insider now owns 543,468 shares of the company’s stock, valued at approximately $7,521,597.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Dave Jr. Borders sold 13,256 shares of the business’s 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 sale, the general counsel now directly owns 443,810 shares of the company’s stock, valued at approximately $6,683,778.60. The disclosure for this sale can be found here. Insiders sold a total of 240,526 shares of company stock valued at $3,515,359 in the last three months. Insiders own 20.40% of the company’s stock.
Large investors have recently modified their holdings of the company. PNC Financial Services Group Inc. acquired a new position in shares of Chegg in the 2nd quarter valued at approximately $104,000. BNP Paribas Arbitrage SA raised its position in shares of Chegg by 1,829.9% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock valued at $111,000 after buying an additional 8,582 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Chegg by 7.2% in the 1st quarter. Principal Financial Group Inc. now owns 13,743 shares of the technology company’s stock valued at $116,000 after buying an additional 926 shares in the last quarter. Stifel Financial Corp acquired a new position in shares of Chegg in the 2nd quarter valued at approximately $116,000. Finally, Bank of America Corp DE raised its position in shares of Chegg by 29.0% in the 1st quarter. Bank of America Corp DE now owns 14,267 shares of the technology company’s stock valued at $120,000 after buying an additional 3,205 shares in the last quarter. Institutional investors own 82.54% of the company’s stock.
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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