Chegg, Inc. (CHGG) Earns Outperform Rating from BMO Capital Markets

Chegg, Inc. (NYSE:CHGG)‘s stock had its “outperform” rating reaffirmed by research analysts at BMO Capital Markets in a report issued on Wednesday. They presently have a $18.00 price objective on the technology company’s stock, up from their previous price objective of $16.00. BMO Capital Markets’ price target would indicate a potential upside of 26.14% from the company’s previous close.

A number of other equities analysts also recently commented on CHGG. UBS AG upgraded shares of Chegg from a “market perform” rating to an “outperform” rating in a research note on Tuesday, May 2nd. J P Morgan Chase & Co restated an “overweight” rating and issued a $15.00 target price (up from $12.00) on shares of Chegg in a research note on Wednesday. Lake Street Capital downgraded shares of Chegg from a “buy” rating to a “hold” rating and upped their target price for the stock from $12.00 to $14.00 in a research note on Wednesday. Jefferies Group LLC restated a “buy” rating and issued a $13.00 target price on shares of Chegg in a research note on Friday, June 23rd. Finally, ValuEngine upgraded shares of Chegg from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $12.54.

Shares of Chegg (CHGG) opened at 14.207 on Wednesday. The firm’s 50-day moving average price is $12.85 and its 200-day moving average price is $9.89. The stock’s market cap is $1.34 billion. Chegg has a 52-week low of $5.29 and a 52-week high of $15.37.

Chegg (NYSE:CHGG) last issued its earnings results on Tuesday, July 25th. The technology company reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.08. The company had revenue of $56.30 million during the quarter, compared to the consensus estimate of $53.33 million. Chegg had a negative return on equity of 8.14% and a negative net margin of 11.83%. Chegg’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 earnings per share. Equities analysts predict that Chegg will post $0.24 EPS for the current year.

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In other Chegg news, insider Nathan J. Schultz sold 45,828 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $9.10, for a total value of $417,034.80. Following the completion of the sale, the insider now directly owns 643,157 shares in the company, valued at $5,852,728.70. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Nathan J. Schultz sold 76,380 shares of the firm’s stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $10.73, for a total transaction of $819,557.40. Following the completion of the sale, the insider now owns 547,079 shares of the company’s stock, valued at $5,870,157.67. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 562,484 shares of company stock worth $6,954,404. Insiders own 20.40% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. US Bancorp DE increased its stake in shares of Chegg by 4.3% in the first quarter. US Bancorp DE now owns 11,868 shares of the technology company’s stock valued at $100,000 after buying an additional 488 shares during the period. Principal Financial Group Inc. increased its stake in shares of Chegg by 7.2% in the first quarter. Principal Financial Group Inc. now owns 13,743 shares of the technology company’s stock valued at $116,000 after buying an additional 926 shares during the period. Parkwood LLC increased its stake in shares of Chegg by 8.1% in the second quarter. Parkwood LLC now owns 14,141 shares of the technology company’s stock valued at $174,000 after buying an additional 1,064 shares during the period. NBW Capital LLC increased its stake in shares of Chegg by 1.1% in the first quarter. NBW Capital LLC now owns 275,906 shares of the technology company’s stock valued at $2,329,000 after buying an additional 2,963 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its stake in shares of Chegg by 6.0% in the first quarter. Metropolitan Life Insurance Co. NY now owns 54,392 shares of the technology company’s stock valued at $459,000 after buying an additional 3,080 shares during the period. Institutional investors own 77.35% 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.

Analyst Recommendations for Chegg (NYSE:CHGG)




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