Chegg (CHGG) Insider Andrew J. Brown Sells 87,500 Shares of Stock

Chegg (NYSE:CHGG) insider Andrew J. Brown sold 87,500 shares of Chegg stock in a transaction dated Thursday, March 8th. The shares were sold at an average price of $22.57, for a total value of $1,974,875.00. Following the completion of the sale, the insider now directly owns 709,572 shares in the company, valued at approximately $16,015,040.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Shares of CHGG stock traded down $0.58 during trading on Monday, hitting $20.08. The company had a trading volume of 1,057,526 shares, compared to its average volume of 1,327,871. The stock has a market cap of $2,271.83, a P/E ratio of -229.56, a price-to-earnings-growth ratio of 7.00 and a beta of 1.43. Chegg has a one year low of $8.04 and a one year high of $23.22.

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Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, February 12th. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.02. Chegg had a negative return on equity of 2.37% and a negative net margin of 7.95%. The business had revenue of $73.51 million during the quarter, compared to analysts’ expectations of $70.61 million. During the same period in the previous year, the company posted $0.10 earnings per share. The firm’s revenue for the quarter was up 16.5% compared to the same quarter last year. equities research analysts predict that Chegg will post 0.12 earnings per share for the current fiscal year.

Chegg announced that its board has authorized a stock repurchase program on Wednesday, March 28th that allows the company to buyback $20.00 million in shares. This buyback authorization allows the technology company to repurchase up to 0.9% of its stock through a private placement purchase. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

A number of equities analysts have weighed in on CHGG shares. BMO Capital Markets reissued a “buy” rating and set a $20.00 price target on shares of Chegg in a research report on Wednesday, January 17th. Northland Securities reissued a “buy” rating and set a $20.00 price target on shares of Chegg in a research report on Tuesday, January 9th. Morgan Stanley initiated coverage on Chegg in a report on Monday, February 26th. They set an “equal weight” rating and a $23.00 price objective for the company. ValuEngine cut Chegg from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. Finally, Lake Street Capital boosted their price objective on Chegg from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $17.92.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHGG. Great West Life Assurance Co. Can lifted its stake in Chegg by 106.2% during the third quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock worth $108,000 after purchasing an additional 3,790 shares during the last quarter. Stifel Financial Corp acquired a new position in shares of Chegg during the second quarter worth $116,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Chegg during the third quarter worth $161,000. Xact Kapitalforvaltning AB acquired a new position in shares of Chegg during the fourth quarter worth $169,000. Finally, Suntrust Banks Inc. acquired a new position in shares of Chegg during the fourth quarter worth $182,000.

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About Chegg

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.

Insider Buying and Selling by Quarter for Chegg (NYSE:CHGG)

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