Chegg (CHGG) Price Target Raised to $33.00

Chegg (NYSE:CHGG) had its price objective boosted by Lake Street Capital to $33.00 in a research note released on Tuesday, The Fly reports. Lake Street Capital currently has a hold rating on the technology company’s stock.

A number of other research firms have also weighed in on CHGG. Citigroup lowered Chegg from a buy rating to a neutral rating and set a $36.00 price target for the company. in a research report on Friday, February 8th. Craig Hallum reiterated a buy rating and issued a $45.00 price target (up previously from $34.00) on shares of Chegg in a research report on Tuesday. Zacks Investment Research upgraded Chegg from a hold rating to a buy rating and set a $31.00 price objective for the company in a research report on Tuesday, January 1st. Jefferies Financial Group decreased their price objective on Chegg from $30.00 to $28.00 and set a hold rating for the company in a research report on Tuesday, October 30th. Finally, Barrington Research restated a buy rating and set a $32.00 price objective on shares of Chegg in a research report on Monday, October 22nd. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $34.30.

NYSE:CHGG opened at $37.46 on Tuesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 6.56 and a quick ratio of 6.56. Chegg has a 1-year low of $17.30 and a 1-year high of $38.76. The firm has a market capitalization of $3.97 billion, a P/E ratio of -416.22, a P/E/G ratio of 7.77 and a beta of 1.21.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, February 11th. The technology company reported $0.13 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.03. Chegg had a positive return on equity of 1.75% and a negative net margin of 5.55%. The business had revenue of $95.68 million during the quarter, compared to analyst estimates of $91.74 million. Research analysts expect that Chegg will post 0.09 EPS for the current fiscal year.

In other Chegg news, insider Nathan J. Schultz sold 2,300 shares of the firm’s stock in a transaction dated Tuesday, February 5th. The stock was sold at an average price of $36.02, for a total transaction of $82,846.00. Following the completion of the sale, the insider now directly owns 505,604 shares in the company, valued at approximately $18,211,856.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrew J. Brown sold 81,270 shares of the firm’s stock in a transaction dated Thursday, January 31st. The stock was sold at an average price of $35.18, for a total value of $2,859,078.60. The disclosure for this sale can be found here. Insiders have sold a total of 434,802 shares of company stock valued at $13,561,872 over the last 90 days. Corporate insiders own 10.80% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC lifted its holdings in shares of Chegg by 22.8% during the 4th quarter. Parallel Advisors LLC now owns 1,558 shares of the technology company’s stock valued at $44,000 after buying an additional 289 shares during the last quarter. We Are One Seven LLC acquired a new stake in shares of Chegg during the 4th quarter valued at about $79,000. Bessemer Group Inc. acquired a new stake in shares of Chegg during the 4th quarter valued at about $116,000. PNC Financial Services Group Inc. lifted its holdings in shares of Chegg by 213.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,678 shares of the technology company’s stock valued at $162,000 after buying an additional 3,865 shares during the last quarter. Finally, Bank of Montreal Can lifted its holdings in shares of Chegg by 612.4% during the 3rd quarter. Bank of Montreal Can now owns 5,920 shares of the technology company’s stock valued at $168,000 after buying an additional 5,089 shares during the last quarter. Institutional investors and hedge funds own 99.40% of the company’s stock.

About Chegg

Chegg, Inc operates direct-to-student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.

Further Reading: What is an investor looking for in an SEC filing?

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