Shares of Chegg (NYSE:CHGG) hit a new 52-week high and low on Wednesday . The stock traded as low as $23.39 and last traded at $23.22, with a volume of 1675811 shares trading hands. The stock had previously closed at $22.57.
CHGG has been the subject of several research analyst reports. BMO Capital Markets reissued a “buy” rating and issued a $20.00 price objective on shares of Chegg in a report on Wednesday, January 17th. Barrington Research reissued an “outperform” rating and issued a $22.00 price objective (up from $19.00) on shares of Chegg in a report on Tuesday, February 13th. Morgan Stanley initiated coverage on Chegg in a report on Monday, February 26th. They issued an “equal weight” rating and a $23.00 price objective for the company. Northland Securities reissued a “buy” rating and issued a $20.00 price objective on shares of Chegg in a report on Tuesday, January 9th. Finally, Lake Street Capital boosted their price objective on Chegg from $15.00 to $16.00 and gave the company a “hold” rating in a report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $18.42.
The firm has a market cap of $2,540.14, a P/E ratio of -258.67, a P/E/G ratio of 7.83 and a beta of 1.44.
Chegg (NYSE:CHGG) last posted its earnings results on Monday, February 12th. The technology company reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.02. The company had revenue of $73.51 million during the quarter, compared to analyst estimates of $70.61 million. Chegg had a negative return on equity of 2.37% and a negative net margin of 7.95%. The business’s revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.10 earnings per share. equities analysts anticipate that Chegg will post 0.12 EPS for the current fiscal year.
Chegg declared that its board has approved a stock buyback plan on Wednesday, March 28th that authorizes the company to buyback $20.00 million in shares. This buyback authorization authorizes the technology company to purchase up to 0.9% of its shares through a private placement purchase. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
In other news, insider Michael A. Osier sold 48,750 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $17.08, for a total transaction of $832,650.00. Following the completion of the transaction, the insider now directly owns 630,652 shares of the company’s stock, valued at $10,771,536.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael A. Osier sold 40,481 shares of the business’s stock in a transaction that occurred on Wednesday, April 18th. The stock was sold at an average price of $23.25, for a total value of $941,183.25. Following the transaction, the insider now owns 663,352 shares of the company’s stock, valued at $15,422,934. The disclosure for this sale can be found here. Insiders have sold 1,143,281 shares of company stock valued at $23,367,928 over the last ninety days. Corporate insiders own 20.40% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of CHGG. Nationwide Fund Advisors boosted its position in shares of Chegg by 9.7% during the third quarter. Nationwide Fund Advisors now owns 51,610 shares of the technology company’s stock worth $766,000 after buying an additional 4,563 shares during the period. New York State Common Retirement Fund boosted its position in shares of Chegg by 18.6% during the third quarter. New York State Common Retirement Fund now owns 468,136 shares of the technology company’s stock worth $6,947,000 after buying an additional 73,340 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Chegg by 16.1% during the third quarter. Bank of New York Mellon Corp now owns 345,596 shares of the technology company’s stock worth $5,129,000 after buying an additional 47,832 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Chegg by 138.1% during the third quarter. Ameriprise Financial Inc. now owns 130,100 shares of the technology company’s stock worth $1,931,000 after buying an additional 75,450 shares during the period. Finally, American International Group Inc. boosted its position in shares of Chegg by 21.7% during the third quarter. American International Group Inc. now owns 63,166 shares of the technology company’s stock worth $937,000 after buying an additional 11,268 shares during the period.
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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