Chegg (NYSE:CHGG) Issues Quarterly Earnings Results

Chegg (NYSE:CHGG) posted its quarterly earnings results on Sunday. The technology company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.02), MarketWatch Earnings reports. The company had revenue of $198.40 million during the quarter, compared to analysts’ expectations of $184.59 million. Chegg had a positive return on equity of 13.35% and a negative net margin of 4.26%. Chegg’s revenue for the quarter was up 50.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.22 EPS.

Shares of CHGG traded up $0.17 on Tuesday, reaching $83.18. The company’s stock had a trading volume of 5,301,918 shares, compared to its average volume of 1,848,514. The stock’s 50 day simple moving average is $90.07 and its two-hundred day simple moving average is $88.74. The company has a debt-to-equity ratio of 2.38, a current ratio of 9.09 and a quick ratio of 9.09. The stock has a market capitalization of $11.80 billion, a P/E ratio of -415.90, a PEG ratio of 3.14 and a beta of 0.99. Chegg has a 12-month low of $53.00 and a 12-month high of $115.21.

CHGG has been the subject of a number of analyst reports. Needham & Company LLC restated a “buy” rating and set a $120.00 price objective on shares of Chegg in a research note on Monday, March 22nd. Barrington Research restated an “outperform” rating and issued a $120.00 price objective (up from $110.00) on shares of Chegg in a report on Tuesday, February 9th. They noted that the move was a valuation call. Morgan Stanley increased their target price on Chegg from $105.00 to $115.00 and gave the company an “overweight” rating in a research note on Tuesday, February 9th. Piper Sandler lifted their target price on Chegg from $110.00 to $124.00 and gave the stock an “overweight” rating in a report on Tuesday, February 9th. Finally, Jefferies Financial Group upped their price target on Chegg from $115.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, February 9th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $104.22.

In other Chegg news, insider Nathan J. Schultz sold 30,000 shares of the business’s stock in a transaction dated Monday, April 26th. The stock was sold at an average price of $95.26, for a total transaction of $2,857,800.00. Following the completion of the sale, the insider now owns 257,127 shares of the company’s stock, valued at $24,493,918.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Daniel Rosensweig sold 300,000 shares of the company’s stock in a transaction dated Monday, February 22nd. The stock was sold at an average price of $99.55, for a total value of $29,865,000.00. Following the completion of the sale, the chief executive officer now owns 1,607,090 shares of the company’s stock, valued at approximately $159,985,809.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 465,668 shares of company stock valued at $45,003,983. 3.10% of the stock is owned by corporate insiders.

About Chegg

Chegg, Inc engages in the operations of learning platform for students. It intends to empower students to take control of their education and help the students study, college admissions exams, accomplish their goals, get grades and test scores. The firm offers required and non-required scholastic materials including textbooks in any format, access to online homework help and textbook solutions, course organization and scheduling, college and university matching tools and scholarship connections.

Read More: Does the Step Transaction Doctrine Affect a Backdoor Roth IRA?

Earnings History 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.