Wall Street brokerages expect Chegg Inc (NYSE:CHGG) to post $89.38 million in sales for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Chegg’s earnings, with the highest sales estimate coming in at $89.67 million and the lowest estimate coming in at $89.00 million. Chegg reported sales of $74.24 million in the same quarter last year, which indicates a positive year-over-year growth rate of 20.4%. The business is expected to report its next quarterly earnings report on Monday, November 4th.
According to Zacks, analysts expect that Chegg will report full-year sales of $400.83 million for the current year, with estimates ranging from $399.97 million to $401.54 million. For the next fiscal year, analysts anticipate that the business will report sales of $480.68 million, with estimates ranging from $466.18 million to $490.20 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Chegg.
Chegg (NYSE:CHGG) last released its quarterly earnings data on Monday, July 29th. The technology company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.06. Chegg had a positive return on equity of 7.12% and a negative net margin of 4.07%. The firm had revenue of $93.90 million for the quarter, compared to the consensus estimate of $92.44 million. During the same quarter in the prior year, the company posted $0.12 earnings per share. The firm’s revenue was up 26.5% on a year-over-year basis.
CHGG has been the topic of several analyst reports. JPMorgan Chase & Co. increased their price target on Chegg from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Zacks Investment Research upgraded Chegg from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Wednesday, July 10th. Jefferies Financial Group increased their price target on Chegg from $40.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Craig Hallum increased their price target on Chegg from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Finally, William Blair initiated coverage on Chegg in a report on Monday. They set an “outperform” rating on the stock. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $44.18.
NYSE:CHGG traded up $0.92 during mid-day trading on Friday, reaching $40.46. The stock had a trading volume of 1,394,440 shares, compared to its average volume of 1,784,985. The business’s 50 day moving average is $42.73 and its 200 day moving average is $39.16. Chegg has a fifty-two week low of $22.67 and a fifty-two week high of $48.22. The stock has a market cap of $4.99 billion, a P/E ratio of 449.56, a PEG ratio of 5.62 and a beta of 0.99. The company has a debt-to-equity ratio of 1.90, a current ratio of 13.22 and a quick ratio of 13.22.
In other news, insider Michael A. Osier sold 4,000 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $44.98, for a total value of $179,920.00. Following the sale, the insider now owns 526,593 shares in the company, valued at $23,686,153.14. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Andrew J. Brown sold 200,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $44.82, for a total transaction of $8,964,000.00. Following the completion of the sale, the insider now owns 239,092 shares in the company, valued at approximately $10,716,103.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,145,114 shares of company stock worth $47,474,750. 5.80% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. Baillie Gifford & Co. lifted its position in Chegg by 7.2% in the second quarter. Baillie Gifford & Co. now owns 12,474,426 shares of the technology company’s stock worth $481,388,000 after purchasing an additional 837,801 shares during the period. BlackRock Inc. lifted its position in Chegg by 10.5% in the first quarter. BlackRock Inc. now owns 8,122,187 shares of the technology company’s stock worth $309,618,000 after purchasing an additional 769,776 shares during the period. Sylebra Capital Ltd lifted its position in Chegg by 0.3% in the second quarter. Sylebra Capital Ltd now owns 3,542,705 shares of the technology company’s stock worth $136,713,000 after purchasing an additional 11,964 shares during the period. Bank of America Corp DE lifted its position in Chegg by 223.4% in the second quarter. Bank of America Corp DE now owns 2,812,398 shares of the technology company’s stock worth $108,530,000 after purchasing an additional 1,942,695 shares during the period. Finally, Artisan Partners Limited Partnership lifted its position in Chegg by 0.8% in the first quarter. Artisan Partners Limited Partnership now owns 2,119,720 shares of the technology company’s stock worth $80,804,000 after purchasing an additional 16,848 shares during the period.
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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