Chegg, Inc. (NYSE:CHGG) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
Several other equities research analysts have also weighed in on the stock. Zacks Investment Research lowered shares of Chegg from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Barrington Research reaffirmed an “outperform” rating and issued a $19.00 target price (up previously from $17.00) on shares of Chegg in a report on Tuesday, October 31st. Jefferies Group LLC reissued a “buy” rating and set a $17.00 price objective on shares of Chegg in a report on Thursday, September 7th. Lake Street Capital lowered shares of Chegg from a “buy” rating to a “hold” rating and increased their price objective for the stock from $12.00 to $14.00 in a report on Wednesday, July 26th. Finally, Northland Securities reissued a “buy” rating and set a $16.00 price objective on shares of Chegg in a report on Tuesday, August 29th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Chegg currently has a consensus rating of “Buy” and an average target price of $15.09.
Shares of Chegg (NYSE CHGG) opened at $14.09 on Friday. Chegg has a fifty-two week low of $6.84 and a fifty-two week high of $16.50.
Chegg (NYSE:CHGG) last posted its earnings results on Monday, October 30th. The technology company reported $0.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. The business had revenue of $62.60 million for the quarter, compared to analyst estimates of $57.75 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. The firm’s quarterly revenue was down 12.2% compared to the same quarter last year. analysts predict that Chegg will post -0.1 earnings per share for the current fiscal year.
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In other Chegg news, insider Charles Geiger sold 70,300 shares of Chegg stock in a transaction on Friday, September 1st. The shares were sold at an average price of $13.84, for a total transaction of $972,952.00. Following the completion of the transaction, the insider now directly owns 543,468 shares of the company’s stock, valued at $7,521,597.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Dave Jr. Borders sold 13,256 shares of Chegg stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $15.06, for a total transaction of $199,635.36. Following the transaction, the general counsel now directly owns 443,810 shares of the company’s stock, valued at $6,683,778.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 355,454 shares of company stock valued at $5,203,651. Company insiders own 20.40% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Gilder Gagnon Howe & Co. LLC lifted its holdings in shares of Chegg by 56.3% during the third quarter. Gilder Gagnon Howe & Co. LLC now owns 7,042,911 shares of the technology company’s stock worth $104,517,000 after buying an additional 2,538,026 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Chegg by 22.7% during the second quarter. Vanguard Group Inc. now owns 3,232,947 shares of the technology company’s stock worth $39,733,000 after buying an additional 597,063 shares in the last quarter. Emerald Advisers Inc. PA lifted its holdings in shares of Chegg by 11.4% during the third quarter. Emerald Advisers Inc. PA now owns 2,799,392 shares of the technology company’s stock worth $41,543,000 after buying an additional 287,498 shares in the last quarter. Fred Alger Management Inc. acquired a new stake in shares of Chegg during the second quarter worth $31,014,000. Finally, Ashford Capital Management Inc. lifted its holdings in shares of Chegg by 5.8% during the second quarter. Ashford Capital Management Inc. now owns 2,320,534 shares of the technology company’s stock worth $28,519,000 after buying an additional 127,310 shares in the last quarter. 82.54% of the stock is owned by institutional investors.
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.
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