Northland Securities Reaffirms Buy Rating for Chegg (CHGG)

Northland Securities restated their buy rating on shares of Chegg (NYSE:CHGG) in a research note published on Tuesday morning. They currently have a $20.00 price objective on the technology company’s stock.

A number of other research firms also recently issued reports on CHGG. Citigroup started coverage on Chegg in a research note on Monday, November 20th. They issued a buy rating and a $19.00 price objective on the stock. Zacks Investment Research downgraded Chegg from a hold rating to a sell rating in a research note on Wednesday, October 4th. JPMorgan Chase & Co. boosted their target price on Chegg from $15.00 to $18.00 and gave the company an overweight rating in a research report on Wednesday, November 1st. Barrington Research reissued an outperform rating and set a $19.00 target price (up previously from $17.00) on shares of Chegg in a research report on Tuesday, October 31st. Finally, BidaskClub raised Chegg from a hold rating to a buy rating in a research report on Tuesday, October 31st. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $15.58.

Chegg (NYSE CHGG) traded down $0.19 during trading hours on Tuesday, reaching $16.74. The company’s stock had a trading volume of 565,600 shares, compared to its average volume of 732,141. Chegg has a 1-year low of $6.84 and a 1-year high of $17.04. The company has a market cap of $1,820.00, a P/E ratio of -64.38, a price-to-earnings-growth ratio of 6.58 and a beta of 1.79.

Chegg (NYSE:CHGG) last released its quarterly earnings data on Monday, October 30th. The technology company reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.02. Chegg had a negative return on equity of 5.06% and a negative net margin of 10.40%. The business had revenue of $62.60 million for the quarter, compared to the consensus estimate of $57.75 million. During the same quarter in the previous year, the company posted ($0.17) EPS. The company’s revenue was down 12.2% compared to the same quarter last year. equities analysts forecast that Chegg will post -0.09 earnings per share for the current fiscal year.

In other Chegg news, General Counsel Dave Jr. Borders sold 13,257 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $16.37, for a total value of $217,017.09. Following the transaction, the general counsel now owns 429,836 shares of the company’s stock, valued at approximately $7,036,415.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Esther Lem sold 9,400 shares of the company’s stock in a transaction on Friday, January 12th. The shares were sold at an average price of $17.00, for a total value of $159,800.00. Following the completion of the transaction, the insider now directly owns 505,120 shares in the company, valued at approximately $8,587,040. The disclosure for this sale can be found here. In the last three months, insiders have sold 885,501 shares of company stock worth $13,502,627. Corporate insiders own 20.40% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. bought a new position in Chegg in the 2nd quarter valued at $104,000. Great West Life Assurance Co. Can grew its position in Chegg by 106.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock valued at $108,000 after acquiring an additional 3,790 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in Chegg by 1,829.9% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock valued at $111,000 after acquiring an additional 8,582 shares during the last quarter. Stifel Financial Corp bought a new position in Chegg in the 2nd quarter valued at $116,000. Finally, Cipher Capital LP bought a new position in Chegg in the 2nd quarter valued at $127,000.

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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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