Chegg’s (CHGG) Buy Rating Reiterated at BMO Capital Markets

BMO Capital Markets reaffirmed their buy rating on shares of Chegg (NYSE:CHGG) in a report released on Wednesday morning. The brokerage currently has a $20.00 price target on the technology company’s stock.

A number of other research firms have also recently issued reports on CHGG. Northland Securities reissued a buy rating and set a $20.00 price objective on shares of Chegg in a research report on Tuesday, January 9th. Barrington Research reissued an outperform rating and set a $19.00 price objective (up previously from $17.00) on shares of Chegg in a research report on Tuesday, October 31st. First Analysis cut shares of Chegg from an overweight rating to an equal weight rating and set a $18.00 price objective on the stock. in a research report on Tuesday, October 31st. BidaskClub raised shares of Chegg from a hold rating to a buy rating in a research report on Tuesday, October 31st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Chegg from $15.00 to $18.00 and gave the stock an overweight rating in a research report on Wednesday, November 1st. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $16.45.

Chegg (CHGG) traded up $0.38 during mid-day trading on Wednesday, hitting $16.47. 516,767 shares of the stock were exchanged, compared to its average volume of 671,406. The company has a market cap of $1,790.00, a PE ratio of -63.35, a PEG ratio of 6.46 and a beta of 1.79. Chegg has a one year low of $6.84 and a one year high of $17.04.

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 Zacks’ consensus estimate of ($0.01) by $0.02. The company had revenue of $62.60 million for the quarter, compared to analysts’ expectations of $57.75 million. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. The business’s revenue was down 12.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.17) EPS. research analysts anticipate that Chegg will post -0.09 earnings per share for the current fiscal year.

In related news, insider Michael A. Osier sold 114,928 shares of the firm’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $14.69, for a total value of $1,688,292.32. Following the transaction, the insider now owns 591,902 shares of the company’s stock, valued at approximately $8,695,040.38. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Daniel Rosensweig sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $14.03, for a total transaction of $2,806,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 885,501 shares of company stock worth $13,502,627. 20.40% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Gilder Gagnon Howe & Co. LLC lifted its position in Chegg by 56.3% in the 3rd quarter. Gilder Gagnon Howe & Co. LLC now owns 7,042,911 shares of the technology company’s stock valued at $104,517,000 after acquiring an additional 2,538,026 shares in the last quarter. Sylebra HK Co Ltd increased its stake in Chegg by 3.8% in the 3rd quarter. Sylebra HK Co Ltd now owns 6,956,896 shares of the technology company’s stock valued at $103,240,000 after buying an additional 257,847 shares during the last quarter. Vanguard Group Inc. increased its stake in Chegg by 22.7% in the 2nd quarter. Vanguard Group Inc. now owns 3,232,947 shares of the technology company’s stock valued at $39,733,000 after buying an additional 597,063 shares during the last quarter. Emerald Advisers Inc. PA increased its stake in Chegg by 11.4% in the 3rd quarter. Emerald Advisers Inc. PA now owns 2,799,392 shares of the technology company’s stock valued at $41,543,000 after buying an additional 287,498 shares during the last quarter. Finally, Fred Alger Management Inc. purchased a new stake in Chegg in the 2nd quarter valued at about $31,014,000.

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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.

Analyst Recommendations for Chegg (NYSE:CHGG)

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