Chegg (NYSE:CHGG) PT Raised to $53.00

Chegg (NYSE:CHGG) had its target price boosted by Needham & Company LLC from $50.00 to $53.00 in a report issued on Tuesday, BenzingaRatingsTable reports. They currently have a buy rating on the technology company’s stock.

A number of other brokerages have also issued reports on CHGG. Morgan Stanley upped their target price on Chegg from $47.00 to $49.00 and gave the company an overweight rating in a research report on Tuesday. Zacks Investment Research raised Chegg from a hold rating to a buy rating and set a $46.00 target price on the stock in a research report on Wednesday, January 15th. Lake Street Capital cut their target price on Chegg from $38.00 to $35.00 and set a hold rating on the stock in a research report on Tuesday, November 5th. Northland Securities began coverage on Chegg in a research report on Wednesday, December 4th. They issued a buy rating and a $44.00 target price on the stock. Finally, ValuEngine raised Chegg from a sell rating to a hold rating in a research report on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $47.25.

Chegg stock opened at $40.08 on Tuesday. The stock’s 50 day moving average price is $41.08 and its 200 day moving average price is $37.57. The firm has a market capitalization of $4.83 billion, a PE ratio of -400.76, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98. The company has a debt-to-equity ratio of 1.89, a quick ratio of 9.50 and a current ratio of 9.50. Chegg has a one year low of $28.29 and a one year high of $48.22.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, February 10th. The technology company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. The firm had revenue of $125.50 million for the quarter, compared to analyst estimates of $123.05 million. Chegg had a positive return on equity of 11.53% and a negative net margin of 2.34%. Chegg’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.25 EPS. On average, analysts forecast that Chegg will post 0.46 earnings per share for the current fiscal year.

In other news, CEO Daniel Rosensweig sold 150,000 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $36.60, for a total value of $5,490,000.00. Following the completion of the transaction, the chief executive officer now owns 2,322,754 shares of the company’s stock, valued at $85,012,796.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael A. Osier sold 24,000 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $44.24, for a total value of $1,061,760.00. Following the completion of the transaction, the insider now directly owns 416,741 shares of the company’s stock, valued at approximately $18,436,621.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 806,197 shares of company stock valued at $31,730,908. 5.80% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Marshall Wace LLP purchased a new stake in shares of Chegg during the fourth quarter valued at $7,126,000. Bank of New York Mellon Corp lifted its holdings in shares of Chegg by 1.9% during the fourth quarter. Bank of New York Mellon Corp now owns 468,309 shares of the technology company’s stock valued at $17,753,000 after purchasing an additional 8,844 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in shares of Chegg during the fourth quarter valued at $1,421,000. Penserra Capital Management LLC lifted its holdings in shares of Chegg by 76.9% during the fourth quarter. Penserra Capital Management LLC now owns 413,216 shares of the technology company’s stock valued at $15,664,000 after purchasing an additional 179,637 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Chegg by 30.6% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,074,880 shares of the technology company’s stock valued at $40,749,000 after purchasing an additional 251,770 shares during the last quarter.

Chegg Company Profile

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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