Craig Hallum Increases Chegg (NYSE:CHGG) Price Target to $55.00

Chegg (NYSE:CHGG) had its price target boosted by Craig Hallum from $50.00 to $55.00 in a research report report published on Tuesday, The Fly reports. They currently have a buy rating on the technology company’s stock.

Several other equities analysts also recently weighed in on CHGG. Morgan Stanley lifted their target price on Chegg from $37.00 to $40.00 and gave the company an equal weight rating in a research report on Tuesday, April 30th. JPMorgan Chase & Co. lifted their target price on Chegg from $43.00 to $49.00 and gave the company an overweight rating in a research report on Tuesday. Barrington Research lifted their target price on Chegg from $45.00 to $50.00 and gave the company an outperform rating in a research report on Tuesday. Needham & Company LLC reaffirmed a buy rating and issued a $50.00 target price (up from $44.00) on shares of Chegg in a research report on Tuesday. Finally, Lake Street Capital reaffirmed a hold rating and issued a $34.00 target price (up from $33.00) on shares of Chegg in a research report on Tuesday, April 30th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $44.18.

NYSE CHGG traded down $1.07 during trading on Tuesday, hitting $43.96. The stock had a trading volume of 12,883 shares, compared to its average volume of 1,786,266. The company has a market capitalization of $5.48 billion, a P/E ratio of 489.56, a PEG ratio of 8.03 and a beta of 1.01. The company has a debt-to-equity ratio of 1.84, a current ratio of 13.96 and a quick ratio of 13.96. The business’s 50 day moving average is $41.53. Chegg has a twelve month low of $22.67 and a twelve month high of $48.22.

Chegg (NYSE:CHGG) last released its earnings results on Monday, July 29th. The technology company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.06. The company had revenue of $93.90 million during the quarter, compared to the consensus estimate of $92.44 million. Chegg had a positive return on equity of 7.34% and a negative net margin of 4.07%. Chegg’s revenue was up 26.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 EPS. On average, equities research analysts forecast that Chegg will post 0.19 EPS for the current year.

In related news, CEO Daniel Rosensweig sold 165,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $36.58, for a total transaction of $6,035,700.00. Following the completion of the sale, the chief executive officer now owns 2,237,161 shares in the company, valued at $81,835,349.38. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael A. Osier sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $46.90, for a total value of $375,200.00. Following the sale, the insider now owns 522,593 shares of the company’s stock, valued at approximately $24,509,611.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 694,286 shares of company stock valued at $27,707,094. Corporate insiders own 5.80% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Stephens Inc. AR lifted its stake in Chegg by 1,027.2% during the first quarter. Stephens Inc. AR now owns 1,781 shares of the technology company’s stock worth $68,000 after purchasing an additional 1,623 shares during the last quarter. Icon Wealth Partners LLC purchased a new stake in Chegg during the first quarter worth approximately $71,000. NEXT Financial Group Inc lifted its stake in Chegg by 1,834.0% during the second quarter. NEXT Financial Group Inc now owns 1,934 shares of the technology company’s stock worth $75,000 after purchasing an additional 1,834 shares during the last quarter. Quantamental Technologies LLC purchased a new stake in Chegg during the first quarter worth approximately $81,000. Finally, Institutional & Family Asset Management LLC lifted its stake in Chegg by 870.9% during the first quarter. Institutional & Family Asset Management LLC now owns 2,670 shares of the technology company’s stock worth $102,000 after purchasing an additional 2,395 shares during the last quarter.

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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