Chegg Inc (NYSE:CHGG) Receives $45.59 Average PT from Brokerages

Chegg Inc (NYSE:CHGG) has earned a consensus recommendation of “Buy” from the fourteen analysts that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $45.63.

Several research firms have weighed in on CHGG. BMO Capital Markets upped their target price on Chegg from $37.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Citigroup upgraded Chegg from a “neutral” rating to a “buy” rating and dropped their price target for the company from $43.00 to $38.50 in a research note on Tuesday, November 5th. Northland Securities assumed coverage on Chegg in a research note on Wednesday, December 4th. They issued a “buy” rating and a $44.00 price target for the company. ValuEngine upgraded Chegg from a “sell” rating to a “hold” rating in a research note on Friday, January 10th. Finally, Lake Street Capital lowered their target price on Chegg from $38.00 to $35.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th.

In other news, CEO Daniel Rosensweig sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $36.60, for a total value of $5,490,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,322,754 shares in the company, valued at approximately $85,012,796.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Robin Tomasello sold 9,406 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $37.03, for a total value of $348,304.18. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 631,015 shares of company stock valued at $23,652,729. Company insiders own 5.80% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Sylebra Capital Ltd lifted its position in shares of Chegg by 0.3% during the 2nd quarter. Sylebra Capital Ltd now owns 3,542,705 shares of the technology company’s stock worth $136,713,000 after buying an additional 11,964 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Chegg by 223.4% during the 2nd quarter. Bank of America Corp DE now owns 2,812,398 shares of the technology company’s stock worth $108,530,000 after buying an additional 1,942,695 shares in the last quarter. State Street Corp lifted its position in shares of Chegg by 2.0% during the 3rd quarter. State Street Corp now owns 2,334,594 shares of the technology company’s stock worth $69,921,000 after buying an additional 44,975 shares in the last quarter. Northern Trust Corp lifted its position in shares of Chegg by 1.3% during the 2nd quarter. Northern Trust Corp now owns 1,520,744 shares of the technology company’s stock worth $58,685,000 after buying an additional 19,775 shares in the last quarter. Finally, Eagle Asset Management Inc. bought a new position in shares of Chegg during the 3rd quarter worth approximately $44,603,000.

NYSE CHGG traded up $0.61 on Wednesday, hitting $43.33. 2,066,895 shares of the company’s stock were exchanged, compared to its average volume of 962,895. The stock has a 50-day moving average of $38.81 and a 200-day moving average of $37.63. The company has a current ratio of 9.50, a quick ratio of 9.50 and a debt-to-equity ratio of 1.89. Chegg has a 52 week low of $28.29 and a 52 week high of $48.22. The stock has a market cap of $5.24 billion, a price-to-earnings ratio of -361.08, a P/E/G ratio of 3.82 and a beta of 1.01.

Chegg (NYSE:CHGG) last released its earnings results on Monday, November 4th. The technology company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.10. Chegg had a positive return on equity of 9.53% and a negative net margin of 3.27%. The firm had revenue of $94.20 million during the quarter, compared to analysts’ expectations of $89.04 million. During the same period in the prior year, the company earned $0.07 earnings per share. The company’s quarterly revenue was up 27.0% on a year-over-year basis. As a group, analysts predict that Chegg will post 0.36 earnings per share for the current year.

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.

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Analyst Recommendations for Chegg (NYSE:CHGG)

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