Lake Street Capital Boosts Chegg (CHGG) Price Target to $16.00

Chegg (NYSE:CHGG) had its price objective increased by equities research analysts at Lake Street Capital from $15.00 to $16.00 in a research report issued on Tuesday. The firm currently has a “hold” rating on the technology company’s stock. Lake Street Capital’s price target would indicate a potential downside of 5.33% from the company’s current price.

Other equities research analysts have also issued research reports about the company. BMO Capital Markets reissued a “buy” rating and set a $20.00 price target on shares of Chegg in a research note on Wednesday, January 17th. Northland Securities reissued a “buy” rating and set a $20.00 price target on shares of Chegg in a research note on Tuesday, January 9th. Citigroup began coverage on Chegg in a research note on Monday, November 20th. They set a “buy” rating and a $19.00 price target on the stock. BidaskClub upgraded Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, October 31st. Finally, First Analysis downgraded 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, October 31st. Five investment 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 a consensus rating of “Buy” and an average target price of $16.64.

Shares of Chegg (CHGG) opened at $16.90 on Tuesday. The company has a market capitalization of $1,727.48, a P/E ratio of -65.00, a PEG ratio of 6.25 and a beta of 1.74. Chegg has a 52 week low of $7.21 and a 52 week high of $17.42.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, February 12th. The technology company reported $0.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.02. The business had revenue of $73.51 million for the quarter, compared to analyst estimates of $70.61 million. Chegg had a negative return on equity of 5.06% and a negative net margin of 10.40%. The company’s quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.10 EPS. analysts anticipate that Chegg will post -0.09 earnings per share for the current year.

In other Chegg news, General Counsel Dave Jr. Borders sold 13,257 shares of the business’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $16.37, for a total value of $217,017.09. Following the completion of the transaction, the general counsel now directly owns 429,836 shares in the company, valued at approximately $7,036,415.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Daniel Rosensweig sold 199,611 shares of the business’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $16.00, for a total value of $3,193,776.00. Following the completion of the transaction, the chief executive officer now owns 2,207,689 shares of the company’s stock, valued at $35,323,024. The disclosure for this sale can be found here. Insiders have sold a total of 659,323 shares of company stock valued at $10,527,385 over the last 90 days. Insiders own 20.40% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank raised its holdings in Chegg by 9.0% in the 2nd quarter. Amalgamated Bank now owns 10,916 shares of the technology company’s stock valued at $134,000 after acquiring an additional 905 shares during the last quarter. Nationwide Fund Advisors raised its holdings in Chegg by 2.2% in the 2nd quarter. Nationwide Fund Advisors now owns 47,047 shares of the technology company’s stock valued at $578,000 after acquiring an additional 1,005 shares during the last quarter. Parametric Portfolio Associates LLC raised its holdings in Chegg by 4.2% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 45,058 shares of the technology company’s stock valued at $554,000 after acquiring an additional 1,823 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Chegg by 3.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 65,306 shares of the technology company’s stock valued at $802,000 after acquiring an additional 2,074 shares during the last quarter. Finally, Voya Investment Management LLC raised its holdings in Chegg by 9.2% in the 2nd quarter. Voya Investment Management LLC now owns 39,586 shares of the technology company’s stock valued at $487,000 after acquiring an additional 3,331 shares during the last quarter.

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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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