Chegg, Inc. (CHGG) Sets New 1-Year High at $15.97

Chegg, Inc. (NYSE:CHGG) shares hit a new 52-week high during trading on Monday . The company traded as high as $15.97 and last traded at $15.98, with a volume of 1,998,073 shares changing hands. The stock had previously closed at $15.51.

A number of research analysts have commented on the company. Zacks Investment Research lowered Chegg from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $18.00 price objective (up from $16.00) on shares of Chegg in a report on Wednesday, July 26th. Northland Securities reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Chegg in a report on Friday, July 28th. Lake Street Capital lowered Chegg from a “buy” rating to a “hold” rating and upped their price objective for the company from $12.00 to $14.00 in a report on Wednesday, July 26th. Finally, J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $15.00 price objective (up from $12.00) on shares of Chegg in a report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $13.68.

The company’s market capitalization is $1.69 billion. The firm’s 50 day moving average price is $14.72 and its 200-day moving average price is $12.70.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Tuesday, July 25th. The technology company reported ($0.04) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.08). The company had revenue of $56.30 million during the quarter, compared to analysts’ expectations of $53.33 million. Chegg had a negative net margin of 11.83% and a negative return on equity of 8.10%. Chegg’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.05 earnings per share. Analysts anticipate that Chegg, Inc. will post $0.23 earnings per share for the current year.

In other news, General Counsel Dave Jr. Borders sold 13,256 shares of Chegg stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $15.06, for a total value of $199,635.36. Following the completion of the transaction, the general counsel now directly owns 443,810 shares in the company, valued at $6,683,778.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Andrew J. Brown sold 100,000 shares of Chegg stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $14.00, for a total value of $1,400,000.00. Following the completion of the transaction, the insider now owns 678,760 shares of the company’s stock, valued at $9,502,640. The disclosure for this sale can be found here. Over the last quarter, insiders sold 422,494 shares of company stock valued at $6,026,025. 20.40% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Gilder Gagnon Howe & Co. LLC purchased a new position in shares of Chegg in the second quarter valued at $55,365,000. Vanguard Group Inc. grew its position in Chegg by 22.7% during the second quarter. Vanguard Group Inc. now owns 3,232,947 shares of the technology company’s stock worth $39,733,000 after buying an additional 597,063 shares in the last quarter. Fred Alger Management Inc. purchased a new position in Chegg during the second quarter worth about $31,014,000. Emerald Advisers Inc. PA grew its position in Chegg by 7.9% during the second quarter. Emerald Advisers Inc. PA now owns 2,511,894 shares of the technology company’s stock worth $30,871,000 after buying an additional 183,780 shares in the last quarter. Finally, Ashford Capital Management Inc. grew its position in Chegg by 5.8% during the second quarter. Ashford Capital Management Inc. now owns 2,320,534 shares of the technology company’s stock worth $28,519,000 after buying an additional 127,310 shares in the last quarter. Institutional investors own 84.80% of the company’s stock.

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Chegg Company Profile

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. The Company 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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