Chegg (CHGG) Downgraded by Zacks Investment Research

Chegg (NYSE:CHGG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

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. “

Several other research analysts have also issued reports on the company. Berenberg Bank began coverage on Chegg in a research report on Wednesday, March 6th. They set a “buy” rating and a $48.00 target price for the company. JPMorgan Chase & Co. boosted their target price on Chegg to $42.00 and gave the company an “overweight” rating in a research report on Tuesday, February 12th. Barrington Research restated an “outperform” rating and set a $44.00 target price (up previously from $32.00) on shares of Chegg in a research report on Tuesday, February 12th. Lake Street Capital boosted their target price on Chegg to $33.00 and gave the company a “hold” rating in a research report on Tuesday, February 12th. Finally, Craig Hallum lifted their price target on shares of Chegg from $34.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, February 12th. Six analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $37.60.

Shares of NYSE:CHGG traded down $0.04 during trading hours on Tuesday, hitting $38.19. 1,662,900 shares of the company’s stock traded hands, compared to its average volume of 1,942,450. Chegg has a 1 year low of $20.40 and a 1 year high of $41.69. The firm has a market capitalization of $4.32 billion, a PE ratio of 424.33, a price-to-earnings-growth ratio of 7.32 and a beta of 1.31. The company has a debt-to-equity ratio of 0.69, a current ratio of 8.29 and a quick ratio of 8.29.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, February 11th. The technology company reported $0.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.03. Chegg had a positive return on equity of 4.31% and a negative net margin of 4.64%. The business had revenue of $95.68 million during the quarter, compared to analyst estimates of $91.74 million. Equities research analysts expect that Chegg will post 0.17 EPS for the current fiscal year.

In other news, insider Nathan J. Schultz sold 2,300 shares of Chegg stock in a transaction that occurred on Tuesday, February 5th. The shares were 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 owns 505,604 shares of the company’s stock, valued at $18,211,856.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Renee Varni Budig sold 45,000 shares of Chegg stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $39.47, for a total transaction of $1,776,150.00. Following the sale, the director now directly owns 58,194 shares of the company’s stock, valued at approximately $2,296,917.18. The disclosure for this sale can be found here. Insiders have sold 729,651 shares of company stock valued at $28,404,047 in the last ninety days. Insiders own 10.80% of the company’s stock.

Large investors have recently modified their holdings of the stock. Parallel Advisors LLC raised its stake in Chegg by 22.8% in the fourth quarter. Parallel Advisors LLC now owns 1,558 shares of the technology company’s stock worth $44,000 after buying an additional 289 shares in the last quarter. PRW Wealth Management LLC bought a new position in Chegg in the fourth quarter worth approximately $56,000. We Are One Seven LLC bought a new position in Chegg in the fourth quarter worth approximately $79,000. Bessemer Group Inc. bought a new position in Chegg in the fourth quarter worth approximately $116,000. Finally, PNC Financial Services Group Inc. raised its stake in Chegg by 213.2% in the third quarter. PNC Financial Services Group Inc. now owns 5,678 shares of the technology company’s stock worth $162,000 after buying an additional 3,865 shares in the last quarter.

Chegg Company Profile

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.

See Also: Market Capitalization, Large-Caps, Mid-Caps, Small-Caps

Get a free copy of the Zacks research report on Chegg (CHGG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Chegg (NYSE:CHGG)

Receive News & Ratings for Chegg Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chegg and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit