Citigroup Lowers Chegg (NYSE:CHGG) Price Target to $45.00

Chegg (NYSE:CHGG) had its target price lowered by Citigroup from $50.00 to $45.00 in a report issued on Monday morning, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the technology company’s stock.

Other equities analysts have also issued research reports about the stock. Northland Securities started coverage on shares of Chegg in a report on Wednesday, December 4th. They issued a buy rating and a $44.00 price target on the stock. JPMorgan Chase & Co. decreased their price target on shares of Chegg from $46.00 to $42.00 and set an overweight rating on the stock in a report on Wednesday, March 18th. Zacks Investment Research raised shares of Chegg from a hold rating to a buy rating and set a $34.00 price target on the stock in a report on Friday, March 20th. Morgan Stanley increased their price target on shares of Chegg from $47.00 to $49.00 and gave the stock an overweight rating in a report on Tuesday, February 11th. Finally, First Analysis raised shares of Chegg from an outperform rating to a strong-buy rating and set a $48.00 price objective for the company in a research note on Sunday, March 1st. Two equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $43.92.

Shares of NYSE:CHGG traded up $2.63 during trading on Monday, reaching $36.66. The company had a trading volume of 2,431,162 shares, compared to its average volume of 1,950,895. The company has a fifty day moving average of $37.97 and a two-hundred day moving average of $36.66. The stock has a market capitalization of $4.16 billion, a P/E ratio of -366.56, a price-to-earnings-growth ratio of 2.49 and a beta of 0.88. Chegg has a 12 month low of $25.89 and a 12 month high of $48.22. The company has a current ratio of 11.31, a quick ratio of 11.31 and a debt-to-equity ratio of 1.80.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, February 10th. The technology company reported $0.35 EPS for the quarter, topping the Zacks’ 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 negative net margin of 2.34% and a positive return on equity of 11.24%. The business’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.25 EPS. As a group, equities research analysts predict that Chegg will post 0.46 earnings per share for the current year.

In other Chegg news, insider Nathan J. Schultz sold 35,864 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $38.63, for a total transaction of $1,385,426.32. Following the completion of the sale, the insider now owns 217,304 shares of the company’s stock, valued at approximately $8,394,453.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael A. Osier sold 6,115 shares of the stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $40.26, for a total transaction of $246,189.90. The disclosure for this sale can be found here. Insiders sold a total of 544,248 shares of company stock valued at $22,436,654 in the last ninety days. 5.80% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Macquarie Group Ltd. boosted its position in Chegg by 17.9% during the 4th quarter. Macquarie Group Ltd. now owns 981,654 shares of the technology company’s stock valued at $37,214,000 after buying an additional 148,868 shares during the period. Nuveen Asset Management LLC boosted its position in Chegg by 34.1% during the 4th quarter. Nuveen Asset Management LLC now owns 679,179 shares of the technology company’s stock valued at $25,748,000 after buying an additional 172,879 shares during the period. Norges Bank purchased a new stake in Chegg during the 4th quarter valued at $51,327,000. Aequim Alternative Investments LP boosted its position in Chegg by 70.6% during the 4th quarter. Aequim Alternative Investments LP now owns 78,800 shares of the technology company’s stock valued at $2,987,000 after buying an additional 32,600 shares during the period. Finally, Geode Capital Management LLC boosted its position in Chegg by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 1,502,623 shares of the technology company’s stock valued at $56,964,000 after buying an additional 86,782 shares during the period.

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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