Chegg Inc. (NYSE:CHGG) had its target price increased by equities research analysts at Barrington Research from $10.00 to $11.00 in a note issued to investors on Thursday. The firm presently has an “outperform” rating on the stock. Barrington Research’s price target points to a potential upside of 53.63% from the company’s current price.
CHGG has been the topic of several other reports. Jefferies Group restated a “buy” rating and set a $12.00 price objective on shares of Chegg in a report on Monday, August 1st. TheStreet upgraded Chegg from a “sell” rating to a “hold” rating in a report on Tuesday, August 2nd. BMO Capital Markets reiterated an “outperform” rating and issued a $7.00 price target (up from $6.00) on shares of Chegg in a report on Wednesday, August 3rd. Finally, Piper Jaffray Cos. boosted their price target on Chegg from $6.00 to $7.00 and gave the company an “overweight” rating in a report on Tuesday, August 2nd. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $8.41.
Shares of Chegg (NYSE:CHGG) traded down 1.187% during midday trading on Thursday, hitting $7.075. The company had a trading volume of 180,005 shares. Chegg has a 12 month low of $3.15 and a 12 month high of $8.03. The company’s market cap is $644.02 million. The stock’s 50-day moving average price is $6.97 and its 200-day moving average price is $5.39.
Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, August 1st. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.02. Chegg had a negative return on equity of 15.55% and a negative net margin of 16.81%. The company had revenue of $53 million for the quarter, compared to the consensus estimate of $67.10 million. During the same period in the previous year, the business earned $0.01 EPS. Chegg’s revenue for the quarter was down 20.9% compared to the same quarter last year. On average, equities research analysts forecast that Chegg will post $0.10 EPS for the current year.
In related news, insider Charles Geiger sold 45,000 shares of the company’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $6.52, for a total transaction of $293,400.00. Following the completion of the transaction, the insider now directly owns 296,731 shares in the company, valued at approximately $1,934,686.12. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 18.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of CHGG. Edge Wealth Management LLC acquired a new position in shares of Chegg during the second quarter worth about $153,000. Zacks Investment Management acquired a new position in shares of Chegg during the second quarter worth about $159,000. BlackRock Advisors LLC raised its position in shares of Chegg by 7.1% in the second quarter. BlackRock Advisors LLC now owns 34,741 shares of the company’s stock worth $174,000 after buying an additional 2,300 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Chegg by 274.4% in the second quarter. Dimensional Fund Advisors LP now owns 41,935 shares of the company’s stock worth $210,000 after buying an additional 30,735 shares during the period. Finally, American International Group Inc. raised its position in shares of Chegg by 3.3% in the second quarter. American International Group Inc. now owns 46,347 shares of the company’s stock worth $232,000 after buying an additional 1,499 shares during the period. Hedge funds and other institutional investors own 67.20% of the company’s stock.
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. It matches domestic and international students with colleges, universities and other academic institutions (collectively referred to as colleges) in the United States.
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