Chegg Inc (CHGG) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Chegg Inc (NYSE:CHGG) have received an average rating of “Buy” from the thirteen ratings firms that are currently covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $27.63.

Several research firms have commented on CHGG. Citigroup upgraded Chegg from a “neutral” rating to a “buy” rating in a research report on Thursday, October 25th. Zacks Investment Research downgraded Chegg from a “buy” rating to a “hold” rating in a research report on Monday, November 5th. Craig Hallum upgraded Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, October 2nd. First Analysis upgraded Chegg from a “neutral” rating to an “outperform” rating and set a $30.00 target price for the company in a research report on Tuesday, October 30th. Finally, Jefferies Financial Group dropped their target price on Chegg from $30.00 to $28.00 and set a “hold” rating for the company in a research report on Tuesday, October 30th.

In other news, insider Andrew J. Brown sold 56,352 shares of the stock in a transaction dated Wednesday, December 12th. The stock was sold at an average price of $30.08, for a total value of $1,695,068.16. Following the completion of the sale, the insider now owns 584,097 shares of the company’s stock, valued at $17,569,637.76. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John E. York sold 12,500 shares of the stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $25.03, for a total value of $312,875.00. Following the completion of the sale, the director now directly owns 20,714 shares of the company’s stock, valued at approximately $518,471.42. The disclosure for this sale can be found here. In the last three months, insiders sold 501,232 shares of company stock valued at $14,570,947. Insiders own 10.80% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. We Are One Seven LLC acquired a new stake in Chegg during the fourth quarter worth approximately $79,000. PNC Financial Services Group Inc. grew its stake in Chegg by 213.2% in the third quarter. PNC Financial Services Group Inc. now owns 5,678 shares of the technology company’s stock valued at $162,000 after acquiring an additional 3,865 shares during the period. Bank of Montreal Can grew its stake in Chegg by 612.4% in the third quarter. Bank of Montreal Can now owns 5,920 shares of the technology company’s stock valued at $168,000 after acquiring an additional 5,089 shares during the period. National Asset Management Inc. acquired a new stake in Chegg in the third quarter valued at approximately $223,000. Finally, AXA acquired a new stake in Chegg in the third quarter valued at approximately $225,000. 99.38% of the stock is owned by institutional investors and hedge funds.

Chegg stock opened at $34.46 on Wednesday. The company has a quick ratio of 6.56, a current ratio of 6.56 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $3.95 billion, a price-to-earnings ratio of -382.89, a PEG ratio of 7.77 and a beta of 1.21. Chegg has a 12 month low of $15.47 and a 12 month high of $34.79.

Chegg (NYSE:CHGG) last posted its earnings results on Monday, October 29th. The technology company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.03 by $0.04. The firm had revenue of $74.20 million during the quarter, compared to the consensus estimate of $69.02 million. Chegg had a positive return on equity of 1.75% and a negative net margin of 5.55%. The business’s quarterly revenue was up 18.5% on a year-over-year basis. During the same period last year, the company earned $0.01 earnings per share. On average, research analysts anticipate that Chegg will post 0.09 EPS for the current year.

About Chegg

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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Analyst Recommendations for Chegg (NYSE:CHGG)

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