Chegg (NYSE:CHGG) was upgraded by Zacks Investment Research from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.
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 subject of a number of other reports. Lake Street Capital upped their price target on shares of Chegg from $79.00 to $85.00 in a research note on Tuesday, October 27th. KeyCorp increased their target price on shares of Chegg from $100.00 to $120.00 and gave the company an "overweight" rating in a research note on Tuesday. Morgan Stanley increased their target price on shares of Chegg from $100.00 to $105.00 and gave the company an "overweight" rating in a research note on Tuesday. Bank of America increased their target price on shares of Chegg from $100.00 to $115.00 and gave the company a "buy" rating in a research note on Thursday, January 14th. Finally, Raymond James increased their target price on shares of Chegg from $93.00 to $96.00 and gave the company an "outperform" rating in a research note on Tuesday, October 27th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. The stock has an average rating of "Buy" and an average target price of $92.33.
Shares of NYSE:CHGG traded down $6.91 during trading on Wednesday, reaching $93.26. The company had a trading volume of 2,000,140 shares, compared to its average volume of 1,741,588. The firm's fifty day moving average is $91.72 and its 200 day moving average is $79.23. The firm has a market capitalization of $12.01 billion, a PE ratio of -466.30, a price-to-earnings-growth ratio of 3.14 and a beta of 0.99. Chegg has a twelve month low of $25.89 and a twelve month high of $104.82. The company has a debt-to-equity ratio of 2.38, a quick ratio of 9.09 and a current ratio of 9.09.
Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, October 26th. The technology company reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.07. The company had revenue of $154.00 million during the quarter, compared to analyst estimates of $111.16 million. Chegg had a negative net margin of 4.26% and a positive return on equity of 13.35%. The business's revenue for the quarter was up 63.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.18 EPS. Equities analysts predict that Chegg will post 0.69 earnings per share for the current fiscal year.
In other Chegg news, CEO Daniel Rosensweig sold 28,000 shares of the company's stock in a transaction that occurred on Thursday, November 19th. The shares were sold at an average price of $70.64, for a total value of $1,977,920.00. Following the transaction, the chief executive officer now owns 1,971,134 shares in the company, valued at approximately $139,240,905.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Robin Tomasello sold 32,016 shares of the company's stock in a transaction that occurred on Friday, November 20th. The shares were sold at an average price of $71.45, for a total transaction of $2,287,543.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 202,058 shares of company stock valued at $16,805,618. 3.10% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in CHGG. Neuberger Berman Group LLC increased its stake in Chegg by 228.2% in the 3rd quarter. Neuberger Berman Group LLC now owns 2,518,232 shares of the technology company's stock valued at $179,902,000 after buying an additional 1,751,007 shares during the period. FMR LLC increased its stake in shares of Chegg by 18,377.4% during the 1st quarter. FMR LLC now owns 599,961 shares of the technology company's stock worth $22,871,000 after purchasing an additional 596,714 shares during the last quarter. Polar Capital LLP increased its stake in shares of Chegg by 88.9% during the 3rd quarter. Polar Capital LLP now owns 1,189,909 shares of the technology company's stock worth $85,007,000 after purchasing an additional 560,116 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Chegg by 70.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 789,457 shares of the technology company's stock worth $56,399,000 after purchasing an additional 327,649 shares during the last quarter. Finally, Sands Capital Management LLC increased its stake in shares of Chegg by 33.4% during the 3rd quarter. Sands Capital Management LLC now owns 1,157,858 shares of the technology company's stock worth $82,717,000 after purchasing an additional 289,714 shares during the last quarter. Hedge funds and other institutional investors own 98.48% of the company's stock.
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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