Chegg Inc. (CHGG) Price Target Raised to $11.00
CHGG has been the subject of several other research reports. Jefferies Group restated a buy rating and set a $12.00 price target on shares of Chegg in a research report on Monday, August 1st. TheStreet upgraded shares of Chegg from a sell rating to a hold rating in a research report on Tuesday, August 2nd. BMO Capital Markets restated an outperform rating and set a $7.00 price target (up previously from $6.00) on shares of Chegg in a research report on Wednesday, August 3rd. Finally, Piper Jaffray Cos. upped their price objective on shares of Chegg from $6.00 to $7.00 and gave the company an overweight rating in a report on Tuesday, August 2nd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Chegg currently has a consensus rating of Buy and a consensus target price of $8.41.
Shares of Chegg (NYSE:CHGG) opened at 6.97 on Thursday. The company’s market capitalization is $634.47 million. The company’s 50 day moving average is $6.99 and its 200 day moving average is $5.46. Chegg has a one year low of $3.15 and a one year high of $8.03.
Chegg (NYSE:CHGG) last posted its quarterly earnings results on Monday, August 1st. The company reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.02. The company earned $53 million during the quarter, compared to analyst estimates of $67.10 million. Chegg had a negative net margin of 16.81% and a negative return on equity of 15.55%. The firm’s revenue for the quarter was down 20.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.01 earnings per share. Equities research analysts predict that Chegg will post $0.10 earnings per share for the current year.
In other Chegg news, insider Charles Geiger sold 74,334 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $6.06, for a total transaction of $450,464.04. Following the sale, the insider now directly owns 296,731 shares of the company’s stock, valued at $1,798,189.86. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 18.00% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Edge Wealth Management LLC acquired a new stake in Chegg during the second quarter valued at approximately $153,000. Zacks Investment Management acquired a new stake in Chegg during the second quarter valued at approximately $159,000. BlackRock Advisors LLC increased its stake in Chegg by 7.1% in the second quarter. BlackRock Advisors LLC now owns 34,741 shares of the company’s stock valued at $174,000 after buying an additional 2,300 shares during the period. Dimensional Fund Advisors LP increased its stake in Chegg by 274.4% in the second quarter. Dimensional Fund Advisors LP now owns 41,935 shares of the company’s stock valued at $210,000 after buying an additional 30,735 shares during the period. Finally, American International Group Inc. increased its stake in Chegg by 3.3% in the second quarter. American International Group Inc. now owns 46,347 shares of the company’s stock valued at $232,000 after buying an additional 1,499 shares during the period. 67.20% of the stock is currently owned by institutional investors and hedge funds.
Chegg Company Profile
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. It 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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