Chegg (NYSE:CHGG) Receives New Coverage from Analysts at William Blair

William Blair initiated coverage on shares of Chegg (NYSE:CHGG) in a research note published on Monday morning, Briefing.com Automated Import reports. The firm issued an outperform rating on the technology company’s stock.

CHGG has been the topic of a number of other research reports. Needham & Company LLC reaffirmed a buy rating and set a $50.00 target price (up previously from $44.00) on shares of Chegg in a research note on Tuesday, July 30th. Barrington Research lifted their target price on shares of Chegg from $45.00 to $50.00 and gave the company an outperform rating in a research note on Tuesday, July 30th. Morgan Stanley lifted their target price on shares of Chegg from $37.00 to $40.00 and gave the company an equal weight rating in a research note on Tuesday, April 30th. Zacks Investment Research raised shares of Chegg from a hold rating to a buy rating and set a $48.00 target price on the stock in a research note on Wednesday, July 10th. Finally, Craig Hallum lifted their target price on shares of Chegg from $50.00 to $55.00 and gave the company a buy rating in a research note on Tuesday, July 30th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $44.18.

Shares of CHGG stock traded up $0.18 during mid-day trading on Monday, reaching $41.66. The stock had a trading volume of 512,319 shares, compared to its average volume of 1,621,487. The company has a 50-day moving average price of $42.51. Chegg has a 52-week low of $22.67 and a 52-week high of $48.22. The company has a market capitalization of $4.97 billion, a price-to-earnings ratio of 462.89, a PEG ratio of 5.88 and a beta of 0.99. The company has a quick ratio of 13.22, a current ratio of 13.22 and a debt-to-equity ratio of 1.90.

Chegg (NYSE:CHGG) last released its quarterly earnings data on Monday, July 29th. The technology company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.06. Chegg had a negative net margin of 4.07% and a positive return on equity of 7.12%. The firm had revenue of $93.90 million for the quarter, compared to analysts’ expectations of $92.44 million. During the same quarter in the previous year, the company earned $0.12 earnings per share. The company’s revenue for the quarter was up 26.5% compared to the same quarter last year. Equities analysts forecast that Chegg will post 0.25 earnings per share for the current year.

In related news, CEO Daniel Rosensweig sold 165,000 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $36.58, for a total transaction of $6,035,700.00. Following the sale, the chief executive officer now owns 2,237,161 shares of the company’s stock, valued at $81,835,349.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrew J. Brown sold 200,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $44.82, for a total transaction of $8,964,000.00. Following the sale, the insider now directly owns 239,092 shares in the company, valued at approximately $10,716,103.44. The disclosure for this sale can be found here. Insiders have sold a total of 1,094,694 shares of company stock worth $45,378,286 in the last ninety days. Insiders own 5.80% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. Baillie Gifford & Co. raised its holdings in Chegg by 7.2% in the second quarter. Baillie Gifford & Co. now owns 12,474,426 shares of the technology company’s stock worth $481,388,000 after buying an additional 837,801 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Chegg by 10.5% during the first quarter. BlackRock Inc. now owns 8,122,187 shares of the technology company’s stock valued at $309,618,000 after purchasing an additional 769,776 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in Chegg by 0.8% during the first quarter. Artisan Partners Limited Partnership now owns 2,119,720 shares of the technology company’s stock valued at $80,804,000 after buying an additional 16,848 shares during the last quarter. TimesSquare Capital Management LLC increased its holdings in Chegg by 33.2% during the second quarter. TimesSquare Capital Management LLC now owns 2,081,350 shares of the technology company’s stock valued at $80,319,000 after buying an additional 519,130 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Chegg by 1.3% during the second quarter. Northern Trust Corp now owns 1,520,744 shares of the technology company’s stock valued at $58,685,000 after buying an additional 19,775 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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Analyst Recommendations for Chegg (NYSE:CHGG)

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