Zacks Investment Research upgraded shares of Chegg, Inc. (NYSE:CHGG) from a sell rating to a hold rating in a report issued on Friday, November 3rd.
According to Zacks, “Chegg, Inc. provides a social education platform. The Company rents and sells print textbooks; and provides eTextbooks, supplemental materials, homework help, textbook buyback, courses, and college admissions and scholarship services, as well as offers enrollment marketing and brand advertising services. Chegg, Inc. is headquartered in Santa Clara, California. “
CHGG has been the topic of a number of other reports. BMO Capital Markets reaffirmed an outperform rating and issued a $18.00 target price (up from $16.00) on shares of Chegg in a research report on Wednesday, July 26th. J P Morgan Chase & Co upped their price objective on Chegg from $15.00 to $18.00 and gave the stock an overweight rating in a research note on Wednesday, November 1st. Northland Securities reissued a buy rating and issued a $16.00 price target on shares of Chegg in a research note on Friday, July 28th. BidaskClub cut Chegg from a buy rating to a hold rating in a research note on Saturday, August 26th. Finally, Barrington Research reaffirmed an outperform rating and set a $19.00 target price (up from $17.00) on shares of Chegg in a report on Tuesday, October 31st. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Chegg has a consensus rating of Buy and an average target price of $15.09.
Chegg (CHGG) opened at $14.04 on Friday. Chegg has a one year low of $6.84 and a one year high of $16.50.
Chegg (NYSE:CHGG) last posted its quarterly earnings results on Monday, October 30th. The technology company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.02. Chegg had a negative return on equity of 5.06% and a negative net margin of 10.40%. The company had revenue of $62.60 million during the quarter, compared to analysts’ expectations of $57.75 million. During the same quarter in the previous year, the business earned ($0.17) EPS. The firm’s revenue was down 12.2% on a year-over-year basis. equities analysts predict that Chegg will post -0.1 EPS for the current year.
In related news, CEO Daniel Rosensweig sold 200,000 shares of the stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $14.03, for a total transaction of $2,806,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Dave Jr. Borders sold 13,256 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $15.06, for a total value of $199,635.36. Following the sale, the general counsel now directly owns 443,810 shares in the company, valued at approximately $6,683,778.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 505,454 shares of company stock valued at $7,245,651. Insiders own 20.40% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN grew its holdings in Chegg by 64.4% during the 1st quarter. Wells Fargo & Company MN now owns 88,677 shares of the technology company’s stock worth $748,000 after acquiring an additional 34,743 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Chegg by 7.7% in the 1st quarter. Bank of New York Mellon Corp now owns 330,216 shares of the technology company’s stock valued at $2,787,000 after buying an additional 23,586 shares during the period. UBS Asset Management Americas Inc. grew its stake in shares of Chegg by 137.8% in the 1st quarter. UBS Asset Management Americas Inc. now owns 26,874 shares of the technology company’s stock valued at $227,000 after buying an additional 15,574 shares during the period. Parametric Portfolio Associates LLC grew its stake in shares of Chegg by 58.0% in the 1st quarter. Parametric Portfolio Associates LLC now owns 43,235 shares of the technology company’s stock valued at $365,000 after buying an additional 15,877 shares during the period. Finally, American International Group Inc. lifted its position in Chegg by 7.1% in the 1st quarter. American International Group Inc. now owns 49,563 shares of the technology company’s stock valued at $418,000 after acquiring an additional 3,265 shares in the last quarter. Institutional investors own 86.50% of the company’s stock.
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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