Chegg (NYSE:CHGG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note released Friday, Zacks.com reports.
According to Zacks, “Chegg, Inc. provides a social education platform. The company rents and sells printed textbooks; and provides e-textbooks, supplemental materials, homework help, textbook buyback, courses, and college admissions and scholarship services, as well as enrollment offerings, branded marketing and advertising services. Chegg, Inc. is headquartered in Santa Clara, California.”
A number of other equity research analysts have also recently published reports on CHGG. Needham & Company LLC reissued a “hold” rating on Chegg shares in a Tuesday, Nov. 30, report. Northland Securities downgraded Chegg’s shares from an “outperform” rating to a “market performer” rating and set a price target of $53.00 for the stock. in a report on Tuesday, November 2. BMO Capital Markets reaffirmed a “hold” rating on Chegg shares in a Tuesday, Nov. 9 research note. TheStreet downgraded Chegg’s shares from a “c-” rating to a “d+” rating in a Tuesday, November 16 research note. Finally, Citigroup downgraded shares of Chegg from a “buy” rating to a “neutral” rating and lowered its target price for the company from $117.00 to $50.00 in a Tuesday, November 2 research note. . One analyst assigned the stock a sell rating, nine assigned a hold rating and five assigned the stock a buy rating. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $69.64.
CHGG fell $0.87 during Friday’s trading, hitting $30.73. 2,834,565 shares of the company were traded, against an average volume of 4,802,776. The company has a market capitalization of $4.45 billion, a P/E ratio of -512.08, a price/growth ratio earnings of 2.11 and a beta of 0.97. The stock’s fifty-day moving average is $28.43 and its 200-day moving average is $51.58. The company has a quick ratio of 13.64, a current ratio of 13.65 and a debt ratio of 1.24. Chegg has a one-year low of $23.23 and a one-year high of $115.21.
Chegg (NYSE:CHGG) last released its quarterly results on Monday, February 7. The technology company reported earnings per share of $0.38 for the quarter, beating Thomson Reuters consensus estimate of $0.31 by $0.07. The company posted revenue of $207.47 million in the quarter, versus analyst estimates of $195.20 million. Chegg had a net margin of 0.04% and a return on equity of 11.02%. The company’s revenue for the quarter increased 0.8% year over year. In the same quarter a year earlier, the company earned $0.37 per share. On average, equity research analysts expect Chegg to post EPS of 0.59 for the current fiscal year.
In other Chegg news, director Ted Schlein acquired 35,470 shares of Chegg in a transaction that took place on Thursday, December 2. The stock was purchased at an average price of $28.54 per share, for a total transaction of $1,012,313.80. The purchase was disclosed in a document filed with the SEC, accessible via this link. Additionally, CEO Daniel Rosensweig acquired 25,000 shares of Chegg in a transaction that took place on Wednesday, December 1. The shares were acquired at an average price of $28.52 per share, with a total value of $713,000.00. Disclosure of this purchase can be found here. 1.90% of the shares are held by insiders.
Institutional investors have recently increased or reduced their stake in the company. Quadrant Capital Group LLC increased its stake in shares of Chegg by 2,703.8% during the 4th quarter. Quadrant Capital Group LLC now owns 1,486 shares of the technology company valued at $46,000 after purchasing 1,433 additional shares during the period. Exchange Traded Concepts LLC purchased a new position in Chegg stock during Q3 worth approximately $86,000. Signaturefd LLC increased its stake in Chegg shares by 501.9% during the 4th quarter. Signaturefd LLC now owns 3,202 shares of the technology company valued at $98,000 after acquiring an additional 2,670 shares during the period. Stephens Inc. AR increased its stake in Chegg shares by 14.3% during the 3rd quarter. Stephens Inc. AR now owns 1,699 shares of the technology company valued at $116,000 after acquiring 212 additional shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in Chegg shares by 44.0% during Q3. Nisa Investment Advisors LLC now owns 1,965 shares of the technology company valued at $134,000 after acquiring an additional 600 shares during the period. Institutional investors and hedge funds hold 93.76% of the company’s shares.
Chegg Company Profile
Chegg, Inc engages in the operations of learning platform for students. It aims to empower students to take control of their education and help them study, pass college entrance exams, achieve their goals, achieve grades and test scores. The company offers compulsory and non-compulsory school materials, including textbooks in all formats, access to online homework help and textbook solutions, lesson organization and planning, pairing tools college and university and links with scholarships.
Get a Free Copy of Zacks’ Research Report on Chegg (CHGG)
For more information on Zacks Investment Research’s research offerings, visit Zacks.com
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in Chegg right now?
Before you consider Chegg, you’ll want to hear this.
MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Chegg wasn’t on the list.
Although Chegg currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here