Chegg (CHGG) Shares Up 1.1% on Analyst Upgrade

Chegg Inc (NYSE:CHGG) shares shot up 1.1% on Wednesday after JPMorgan Chase & Co. raised their price target on the stock to $42.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Chegg traded as high as $38.76 and last traded at $37.88. 65,320 shares changed hands during trading, a decline of 96% from the average session volume of 1,696,366 shares. The stock had previously closed at $37.46.

CHGG has been the topic of several other reports. Barrington Research restated an “outperform” rating and set a $44.00 price objective (up from $32.00) on shares of Chegg in a research note on Tuesday. Craig Hallum boosted their price objective on shares of Chegg from $34.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday. First Analysis upgraded shares of Chegg from a “neutral” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research note on Tuesday, October 30th. Citigroup lowered shares of Chegg from a “buy” rating to a “neutral” rating and set a $36.00 price objective on the stock. in a research note on Friday, February 8th. Finally, Zacks Investment Research raised shares of Chegg from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a report on Thursday, November 8th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Chegg has a consensus rating of “Buy” and an average price target of $34.30.

In related news, Director John E. York sold 12,500 shares of Chegg stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $25.03, for a total transaction of $312,875.00. Following the completion of the sale, the director now owns 20,714 shares of the company’s stock, valued at approximately $518,471.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew J. Brown sold 56,352 shares of Chegg stock in a transaction dated Wednesday, December 12th. The stock was sold at an average price of $30.08, for a total transaction of $1,695,068.16. Following the sale, the insider now directly owns 584,097 shares of the company’s stock, valued at approximately $17,569,637.76. 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 in the last ninety days. 10.80% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in shares of Chegg by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 1,171,869 shares of the technology company’s stock worth $33,303,000 after buying an additional 12,956 shares during the period. California State Teachers Retirement System boosted its holdings in Chegg by 2.3% in the 4th quarter. California State Teachers Retirement System now owns 169,748 shares of the technology company’s stock valued at $4,824,000 after purchasing an additional 3,827 shares during the period. Brown Advisory Inc. bought a new stake in Chegg in the 4th quarter valued at about $47,869,000. Ibex Investors LLC bought a new stake in Chegg in the 4th quarter valued at about $230,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Chegg by 229.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 280,365 shares of the technology company’s stock valued at $7,968,000 after purchasing an additional 195,221 shares during the period. 99.40% of the stock is owned by institutional investors and hedge funds.

The company has a debt-to-equity ratio of 0.72, a quick ratio of 6.56 and a current ratio of 6.56. The firm has a market cap of $3.97 billion, a PE ratio of -416.44, a PEG ratio of 7.77 and a beta of 1.21.

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

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About Chegg (NYSE:CHGG)

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.

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