Chegg (CHGG) Reaches New 1-Year High at $20.83
Chegg Inc (NYSE:CHGG)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $20.83 and last traded at $20.88, with a volume of 1097256 shares trading hands. The stock had previously closed at $19.70.
A number of brokerages recently issued reports on CHGG. Zacks Investment Research downgraded Chegg from a “hold” rating to a “sell” rating in a report on Thursday, February 22nd. Morgan Stanley started coverage on Chegg in a report on Monday, February 26th. They issued an “equal weight” rating and a $23.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on Chegg from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Lake Street Capital increased their price objective on Chegg from $15.00 to $16.00 and gave the company a “hold” rating in a report on Tuesday, February 13th. Finally, Citigroup started coverage on Chegg in a report on Monday, November 20th. They issued a “buy” rating and a $19.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $17.58.
The firm has a market cap of $2,316.92, a price-to-earnings ratio of -100.33, a price-to-earnings-growth ratio of 7.17 and a beta of 1.49.
In other news, insider Nathan J. Schultz sold 66,666 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $20.02, for a total transaction of $1,334,653.32. Following the completion of the sale, the insider now owns 578,878 shares in the company, valued at $11,589,137.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Esther Lem sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $14.36, for a total value of $143,600.00. The disclosure for this sale can be found here. Insiders have sold 823,489 shares of company stock valued at $14,360,663 in the last 90 days. Company insiders own 20.40% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Gilder Gagnon Howe & Co. LLC raised its stake in shares of Chegg by 4.2% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 7,337,758 shares of the technology company’s stock worth $119,752,000 after purchasing an additional 294,847 shares during the last quarter. Sylebra HK Co Ltd raised its stake in shares of Chegg by 3.8% during the third quarter. Sylebra HK Co Ltd now owns 6,956,896 shares of the technology company’s stock worth $103,240,000 after purchasing an additional 257,847 shares during the last quarter. BlackRock Inc. raised its stake in shares of Chegg by 1.3% during the fourth quarter. BlackRock Inc. now owns 5,566,601 shares of the technology company’s stock worth $90,847,000 after purchasing an additional 71,515 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Chegg by 14.0% during the fourth quarter. Alliancebernstein L.P. now owns 3,331,046 shares of the technology company’s stock worth $54,363,000 after purchasing an additional 409,956 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Chegg by 22.7% in the second quarter. Vanguard Group Inc. now owns 3,232,947 shares of the technology company’s stock worth $39,733,000 after acquiring an additional 597,063 shares in the last quarter.
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. 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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