Chegg, Inc. (CHGG) Coverage Initiated by Analysts at Citigroup Inc.

Citigroup Inc. initiated coverage on shares of Chegg, Inc. (NYSE:CHGG) in a research note released on Monday morning. The brokerage issued a buy rating and a $19.00 price objective on the technology company’s stock.

Several other analysts have also recently weighed in on CHGG. Lake Street Capital cut shares of Chegg from a buy rating to a hold rating and increased their price target for the company from $12.00 to $14.00 in a research note on Wednesday, July 26th. J P Morgan Chase & Co reissued an overweight rating and issued a $15.00 price target (up previously from $12.00) on shares of Chegg in a research note on Wednesday, July 26th. BMO Capital Markets reissued an outperform rating and issued a $18.00 price target (up previously from $16.00) on shares of Chegg in a research note on Wednesday, July 26th. Northland Securities reissued a buy rating and issued a $16.00 price target on shares of Chegg in a research note on Friday, July 28th. Finally, Zacks Investment Research raised shares of Chegg from a hold rating to a buy rating and set a $16.00 price target for the company in a research note on Friday, July 28th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $15.42.

Shares of Chegg (NYSE:CHGG) opened at $14.33 on Monday. Chegg has a one year low of $6.84 and a one year high of $16.50.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Monday, October 30th. The technology company reported $0.01 earnings per share for the quarter, beating the 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 during the quarter, compared to analysts’ expectations of $57.75 million. During the same quarter in the prior year, the company posted ($0.17) EPS. The business’s revenue for the quarter was down 12.2% on a year-over-year basis. sell-side analysts expect that Chegg will post -0.09 earnings per share for the current fiscal year.

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In other Chegg news, CEO Daniel Rosensweig sold 200,000 shares of the stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $14.03, for a total transaction of $2,806,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Charles Geiger sold 70,300 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $13.84, for a total transaction of $972,952.00. Following the sale, the insider now owns 543,468 shares in the company, valued at $7,521,597.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 505,454 shares of company stock worth $7,245,651. Company insiders own 20.40% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio lifted its holdings in Chegg by 12.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 132,734 shares of the technology company’s stock worth $1,970,000 after buying an additional 14,171 shares in the last quarter. Neuberger Berman Group LLC lifted its holdings in Chegg by 84.0% during the 3rd quarter. Neuberger Berman Group LLC now owns 46,000 shares of the technology company’s stock worth $683,000 after buying an additional 21,000 shares in the last quarter. California Public Employees Retirement System lifted its holdings in Chegg by 54.5% during the 3rd quarter. California Public Employees Retirement System now owns 51,307 shares of the technology company’s stock worth $761,000 after buying an additional 18,107 shares in the last quarter. Sylebra HK Co Ltd lifted its holdings in Chegg by 3.8% during the 3rd quarter. Sylebra HK Co Ltd now owns 6,956,896 shares of the technology company’s stock worth $103,240,000 after buying an additional 257,847 shares in the last quarter. Finally, Granahan Investment Management Inc. MA lifted its holdings in Chegg by 31.1% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 714,949 shares of the technology company’s stock worth $10,610,000 after buying an additional 169,709 shares in the last quarter. Institutional investors own 91.39% of the company’s stock.

About Chegg

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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