Stock analysts at Northland Securities initiated coverage on shares of Chegg (NYSE:CHGG) in a research report issued on Wednesday, Stock Target Advisor reports. The firm set a “buy” rating and a $44.00 price target on the technology company’s stock. Northland Securities’ price objective suggests a potential upside of 17.05% from the company’s previous close.
Other equities research analysts also recently issued research reports about the stock. BMO Capital Markets reduced their price objective on shares of Chegg from $49.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Jefferies Financial Group upgraded Chegg from a “hold” rating to a “buy” rating and dropped their target price for the stock from $46.00 to $44.00 in a research report on Monday, September 9th. Barrington Research assumed coverage on Chegg in a research report on Monday, October 14th. They set a “buy” rating and a $50.00 target price on the stock. Zacks Investment Research downgraded Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Finally, Citigroup raised Chegg from a “neutral” rating to a “buy” rating and reduced their price target for the company from $43.00 to $38.50 in a report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Chegg presently has an average rating of “Buy” and a consensus price target of $43.88.
Shares of CHGG opened at $37.59 on Wednesday. The company has a debt-to-equity ratio of 1.89, a quick ratio of 9.50 and a current ratio of 9.50. The stock has a market capitalization of $4.69 billion, a P/E ratio of 417.67, a P/E/G ratio of 3.59 and a beta of 1.03. The company’s fifty day moving average is $34.83 and its two-hundred day moving average is $37.45. Chegg has a 1 year low of $25.16 and a 1 year high of $48.22.
Chegg (NYSE:CHGG) last released its earnings results on Monday, November 4th. The technology company reported $0.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.10. The company had revenue of $94.20 million during the quarter, compared to analysts’ expectations of $89.04 million. Chegg had a negative net margin of 3.27% and a positive return on equity of 9.53%. The business’s revenue was up 27.0% on a year-over-year basis. During the same quarter last year, the business earned $0.07 EPS. Sell-side analysts predict that Chegg will post 0.36 EPS for the current year.
In related news, Director Marne L. Levine sold 4,375 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $32.54, for a total value of $142,362.50. Following the completion of the transaction, the director now directly owns 9,696 shares of the company’s stock, valued at approximately $315,507.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Daniel Rosensweig sold 150,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $33.34, for a total value of $5,001,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,303,827 shares of the company’s stock, valued at $76,809,592.18. The disclosure for this sale can be found here. Insiders sold 650,604 shares of company stock valued at $22,307,684 in the last quarter. Company insiders own 5.80% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. Metropolitan Life Insurance Co NY boosted its position in shares of Chegg by 8.5% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 37,275 shares of the technology company’s stock worth $1,116,000 after buying an additional 2,910 shares in the last quarter. Millennium Management LLC raised its position in Chegg by 3,216.4% during the third quarter. Millennium Management LLC now owns 470,530 shares of the technology company’s stock worth $14,092,000 after acquiring an additional 456,342 shares during the last quarter. Voloridge Investment Management LLC raised its position in Chegg by 475.9% during the third quarter. Voloridge Investment Management LLC now owns 120,244 shares of the technology company’s stock worth $3,601,000 after acquiring an additional 99,363 shares during the last quarter. black and white Capital LP purchased a new stake in shares of Chegg in the third quarter valued at about $5,990,000. Finally, Granahan Investment Management Inc. MA lifted its holdings in shares of Chegg by 132.8% in the third quarter. Granahan Investment Management Inc. MA now owns 908,849 shares of the technology company’s stock valued at $27,220,000 after purchasing an additional 518,488 shares in the last quarter.
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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