Chegg (NYSE:CHGG)’s share price hit a new 52-week high and low on Friday . The company traded as low as $26.38 and last traded at $26.28, with a volume of 45118 shares changing hands. The stock had previously closed at $25.78.
A number of equities analysts have recently weighed in on the company. ValuEngine upgraded Chegg from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 2nd. Zacks Investment Research downgraded Chegg from a “hold” rating to a “sell” rating in a report on Tuesday, May 1st. Citigroup increased their price objective on Chegg from $22.70 to $24.00 and gave the stock a “hold” rating in a report on Monday, April 30th. Barrington Research restated an “outperform” rating and issued a $25.00 price objective on shares of Chegg in a report on Friday, April 27th. Finally, Morgan Stanley increased their price objective on Chegg from $23.00 to $24.00 and gave the stock a “hold” rating in a report on Friday, April 27th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $21.00.
The firm has a market capitalization of $2.88 billion, a P/E ratio of -292.22, a P/E/G ratio of 17.68 and a beta of 1.42.
Chegg (NYSE:CHGG) last released its quarterly earnings data on Thursday, April 26th. The technology company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Chegg had a negative return on equity of 0.95% and a negative net margin of 6.12%. The firm had revenue of $76.95 million for the quarter, compared to the consensus estimate of $74.15 million. During the same quarter in the prior year, the company posted $0.06 earnings per share. The firm’s revenue was up 22.9% on a year-over-year basis. analysts forecast that Chegg will post 0.06 earnings per share for the current year.
Chegg declared that its board has approved a share repurchase program on Wednesday, March 28th that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the technology company to buy up to 0.9% of its stock through a private placement purchase. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other Chegg news, VP Robin Tomasello sold 138,949 shares of the company’s stock in a transaction that occurred on Friday, March 16th. The stock was sold at an average price of $21.65, for a total transaction of $3,008,245.85. Following the completion of the sale, the vice president now owns 154,603 shares of the company’s stock, valued at $3,347,154.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew J. Brown sold 200,000 shares of the company’s stock in a transaction that occurred on Thursday, May 10th. The stock was sold at an average price of $25.07, for a total value of $5,014,000.00. Following the sale, the insider now directly owns 702,897 shares of the company’s stock, valued at approximately $17,621,627.79. The disclosure for this sale can be found here. Insiders sold 1,351,747 shares of company stock worth $30,638,393 in the last 90 days. 10.80% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in CHGG. Baillie Gifford & Co. boosted its position in Chegg by 288.4% during the first quarter. Baillie Gifford & Co. now owns 4,212,854 shares of the technology company’s stock worth $87,038,000 after purchasing an additional 3,128,153 shares during the period. Clearbridge Investments LLC boosted its position in Chegg by 184.1% during the fourth quarter. Clearbridge Investments LLC now owns 1,927,665 shares of the technology company’s stock worth $31,459,000 after purchasing an additional 1,249,178 shares during the period. UBS Asset Management Americas Inc. boosted its position in Chegg by 2,120.6% during the fourth quarter. UBS Asset Management Americas Inc. now owns 896,760 shares of the technology company’s stock worth $14,635,000 after purchasing an additional 856,377 shares during the period. Artisan Partners Limited Partnership boosted its position in Chegg by 104.6% during the first quarter. Artisan Partners Limited Partnership now owns 1,469,714 shares of the technology company’s stock worth $30,364,000 after purchasing an additional 751,353 shares during the period. Finally, Stephens Investment Management Group LLC bought a new stake in Chegg during the fourth quarter worth approximately $10,845,000.
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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