Chegg (NYSE:CHGG) Price Target Raised to $75.00

Chegg (NYSE:CHGG) had its target price hoisted by Northland Securities from $70.00 to $75.00 in a report issued on Tuesday morning, AnalystRatings.com reports. Northland Securities currently has a buy rating on the technology company’s stock.

Several other research analysts have also weighed in on the company. Craig Hallum increased their price objective on Chegg from $55.00 to $65.00 and gave the stock a buy rating in a research report on Tuesday, May 5th. First Analysis upgraded Chegg from an outperform rating to a strong-buy rating and set a $48.00 price objective for the company in a research report on Sunday, March 1st. JPMorgan Chase & Co. lowered Chegg from an overweight rating to a neutral rating and set a $40.00 price objective for the company. in a research report on Thursday, April 16th. Citigroup lowered their price objective on Chegg from $50.00 to $45.00 and set a buy rating for the company in a research report on Monday, March 23rd. Finally, Zacks Investment Research lowered their price target on Chegg from $62.25 to $44.50 in a research report on Friday, May 22nd. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $57.65.

NYSE:CHGG opened at $64.15 on Tuesday. Chegg has a one year low of $25.89 and a one year high of $70.57. The company has a debt-to-equity ratio of 1.97, a quick ratio of 7.93 and a current ratio of 7.93. The stock has a market cap of $7.93 billion, a PE ratio of 149.19, a P/E/G ratio of 3.41 and a beta of 1.08. The stock has a 50 day moving average price of $62.16 and a 200 day moving average price of $44.58.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, May 4th. The technology company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.20. The company had revenue of $131.60 million during the quarter, compared to analyst estimates of $119.48 million. Chegg had a positive return on equity of 12.53% and a negative net margin of 2.47%. The firm’s revenue for the quarter was up 35.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.15 earnings per share. As a group, analysts predict that Chegg will post 0.63 earnings per share for the current fiscal year.

In other news, CEO Daniel Rosensweig sold 28,000 shares of the stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $36.65, for a total value of $1,026,200.00. Following the sale, the chief executive officer now directly owns 2,182,546 shares in the company, valued at $79,990,310.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John Paul Fillmore sold 1,321 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $62.30, for a total value of $82,298.30. Following the completion of the sale, the insider now owns 142,066 shares in the company, valued at $8,850,711.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 294,074 shares of company stock worth $17,186,217. Insiders own 3.10% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its stake in Chegg by 2.4% in the first quarter. PNC Financial Services Group Inc. now owns 12,062 shares of the technology company’s stock valued at $432,000 after buying an additional 281 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Chegg by 1.7% during the fourth quarter. Victory Capital Management Inc. now owns 16,935 shares of the technology company’s stock worth $698,000 after purchasing an additional 285 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of Chegg by 55.4% during the first quarter. Canada Pension Plan Investment Board now owns 881 shares of the technology company’s stock worth $32,000 after purchasing an additional 314 shares in the last quarter. Advisor Group Inc. increased its position in shares of Chegg by 2.7% during the fourth quarter. Advisor Group Inc. now owns 13,162 shares of the technology company’s stock worth $500,000 after purchasing an additional 344 shares in the last quarter. Finally, Ameritas Investment Partners Inc. increased its position in shares of Chegg by 3.5% during the first quarter. Ameritas Investment Partners Inc. now owns 10,520 shares of the technology company’s stock worth $376,000 after purchasing an additional 354 shares in 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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