JPMorgan Chase & Co. Boosts Chegg (NYSE:CHGG) Price Target to $46.00

Chegg (NYSE:CHGG) had its price objective upped by stock analysts at JPMorgan Chase & Co. from $40.00 to $46.00 in a note issued to investors on Tuesday, The Fly reports. The firm currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 7.91% from the company’s previous close.

A number of other brokerages have also recently commented on CHGG. Barrington Research reaffirmed a “buy” rating and issued a $50.00 target price on shares of Chegg in a report on Friday, January 31st. Needham & Company LLC upped their target price on shares of Chegg from $50.00 to $53.00 and gave the company a “buy” rating in a report on Tuesday. Lake Street Capital upped their target price on shares of Chegg from $35.00 to $39.00 and gave the company a “hold” rating in a report on Tuesday. BMO Capital Markets upped their target price on shares of Chegg from $37.00 to $43.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Finally, Citigroup boosted their price target on shares of Chegg from to and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $47.25.

Shares of CHGG opened at $42.63 on Tuesday. Chegg has a 1-year low of $28.29 and a 1-year high of $48.22. The stock has a market cap of $5.17 billion, a PE ratio of -355.25, a price-to-earnings-growth ratio of 3.77 and a beta of 0.98. The company has a debt-to-equity ratio of 1.89, a current ratio of 9.50 and a quick ratio of 9.50. The firm has a fifty day moving average price of $40.93 and a 200 day moving average price of $37.63.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, February 10th. The technology company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Chegg had a negative net margin of 3.27% and a positive return on equity of 9.53%. The business had revenue of $125.50 million during the quarter, compared to analysts’ expectations of $123.05 million. During the same period in the prior year, the company earned $0.25 earnings per share. The business’s revenue was up 31.1% compared to the same quarter last year. As a group, equities analysts expect that Chegg will post 0.36 EPS for the current fiscal year.

In other news, CEO Daniel Rosensweig sold 150,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $36.60, for a total value of $5,490,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,322,754 shares in the company, valued at $85,012,796.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CMO Esther Lem sold 50,000 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $38.19, for a total transaction of $1,909,500.00. Following the completion of the sale, the chief marketing officer now owns 306,345 shares of the company’s stock, valued at $11,699,315.55. The disclosure for this sale can be found here. Insiders have sold 782,197 shares of company stock worth $30,669,148 over the last 90 days. 5.80% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its position in Chegg by 39.2% during the 4th quarter. Nisa Investment Advisors LLC now owns 995 shares of the technology company’s stock valued at $38,000 after purchasing an additional 280 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Chegg by 231.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 4,407 shares of the technology company’s stock valued at $132,000 after buying an additional 3,077 shares during the last quarter. We Are One Seven LLC acquired a new stake in shares of Chegg in the 4th quarter valued at approximately $227,000. Banque Cantonale Vaudoise acquired a new stake in shares of Chegg in the 4th quarter valued at approximately $238,000. Finally, First American Bank acquired a new stake in shares of Chegg in the 4th quarter valued at approximately $260,000.

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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