Chegg (NYSE:CHGG)‘s stock had its “buy” rating reiterated by equities researchers at BMO Capital Markets in a research note issued to investors on Wednesday. They currently have a $20.00 target price on the technology company’s stock. BMO Capital Markets’ price objective suggests a potential upside of 23.38% from the company’s current price.
Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research cut Chegg from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Barrington Research reissued an “outperform” rating and issued a $19.00 price objective (up from $17.00) on shares of Chegg in a research report on Tuesday, October 31st. JPMorgan Chase & Co. increased their price objective on Chegg from $15.00 to $18.00 and gave the company an “overweight” rating in a research report on Wednesday, November 1st. First Analysis lowered Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 target price for the company. in a research note on Tuesday, October 31st. Finally, BidaskClub lowered Chegg from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $16.45.
Chegg (NYSE:CHGG) traded down $0.53 on Wednesday, hitting $16.21. The stock had a trading volume of 644,600 shares, compared to its average volume of 580,040. Chegg has a 12 month low of $6.84 and a 12 month high of $17.04. The company has a market capitalization of $1,760.00, a PE ratio of -62.35, a price-to-earnings-growth ratio of 6.56 and a beta of 1.79.
Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, October 30th. The technology company reported $0.01 earnings per share 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 period in the prior year, the business earned ($0.17) earnings per share. Chegg’s revenue for the quarter was down 12.2% compared to the same quarter last year. analysts predict that Chegg will post -0.09 EPS for the current fiscal year.
In related news, insider Esther Lem sold 9,400 shares of the company’s stock in a transaction on Friday, January 12th. The stock was sold at an average price of $17.00, for a total value of $159,800.00. Following the completion of the transaction, the insider now directly owns 505,120 shares in the company, valued at $8,587,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Daniel Rosensweig sold 200,000 shares of the company’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $14.03, for a total value of $2,806,000.00. The disclosure for this sale can be found here. Insiders sold 885,501 shares of company stock valued at $13,502,627 over the last 90 days. 20.40% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Great West Life Assurance Co. Can raised its stake in Chegg by 106.2% during the third quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock worth $108,000 after acquiring an additional 3,790 shares in the last quarter. PNC Financial Services Group Inc. acquired a new position in Chegg during the second quarter worth $104,000. BNP Paribas Arbitrage SA raised its stake in Chegg by 1,829.9% during the second quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock worth $111,000 after acquiring an additional 8,582 shares in the last quarter. Stifel Financial Corp acquired a new position in Chegg during the second quarter worth $116,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in Chegg during the second quarter worth $132,000.
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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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