Chegg, Inc. (NYSE:CHGG) – Investment analysts at Piper Sandler decreased their Q1 2021 earnings per share (EPS) estimates for Chegg in a research note issued to investors on Sunday, May 2nd. Piper Sandler analyst A. Ramnani now forecasts that the technology company will post earnings of $0.11 per share for the quarter, down from their previous forecast of $0.13. Piper Sandler currently has a “Overweight” rating and a $124.00 price objective on the stock. Piper Sandler also issued estimates for Chegg’s Q2 2021 earnings at $0.24 EPS, Q3 2021 earnings at $0.06 EPS, FY2021 earnings at $0.91 EPS, Q1 2022 earnings at $0.19 EPS, Q2 2022 earnings at $0.37 EPS, Q3 2022 earnings at $0.12 EPS and FY2022 earnings at $1.37 EPS.
Several other research firms have also recently weighed in on CHGG. KeyCorp decreased their price objective on Chegg from $124.00 to $115.00 and set an “overweight” rating for the company in a report on Tuesday. Northland Securities lifted their price objective on shares of Chegg from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Tuesday, February 9th. Lake Street Capital reduced their target price on shares of Chegg from $98.00 to $93.00 and set a “hold” rating for the company in a report on Tuesday. Citigroup lifted their price target on shares of Chegg from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, February 10th. Finally, Morgan Stanley increased their price objective on shares of Chegg from $105.00 to $115.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 9th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $104.22.
Chegg (NYSE:CHGG) last posted its earnings results on Sunday, May 2nd. The technology company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.02). Chegg had a positive return on equity of 13.35% and a negative net margin of 4.26%. The business had revenue of $198.40 million for the quarter, compared to the consensus estimate of $184.59 million. During the same quarter in the prior year, the firm posted $0.22 earnings per share. The business’s revenue was up 50.8% on a year-over-year basis.
In other Chegg news, CEO Daniel Rosensweig sold 300,000 shares of Chegg stock in a transaction on Monday, February 22nd. The stock was sold at an average price of $99.55, for a total value of $29,865,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,607,090 shares of the company’s stock, valued at approximately $159,985,809.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Paul Fillmore sold 51,505 shares of the company’s stock in a transaction on Wednesday, March 3rd. The shares were sold at an average price of $90.15, for a total value of $4,643,175.75. Following the sale, the insider now owns 160,159 shares of the company’s stock, valued at $14,438,333.85. The disclosure for this sale can be found here. Insiders have sold a total of 465,668 shares of company stock worth $45,003,983 in the last quarter. Company insiders own 3.10% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of CHGG. FMR LLC raised its position in Chegg by 18,377.4% during the first quarter. FMR LLC now owns 599,961 shares of the technology company’s stock valued at $22,871,000 after purchasing an additional 596,714 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Chegg by 196.7% during the 1st quarter. First Trust Advisors LP now owns 163,622 shares of the technology company’s stock worth $6,237,000 after buying an additional 108,483 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its position in shares of Chegg by 107.9% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 29,943 shares of the technology company’s stock worth $1,141,000 after buying an additional 15,543 shares during the last quarter. Eudaimonia Partners LLC acquired a new stake in Chegg in the third quarter valued at about $105,000. Finally, Brinker Capital Investments LLC bought a new position in Chegg in the third quarter valued at about $356,000. 98.48% of the stock is owned by institutional investors and hedge funds.
Chegg Company Profile
Chegg, Inc engages in the operations of learning platform for students. It intends to empower students to take control of their education and help the students study, college admissions exams, accomplish their goals, get grades and test scores. The firm offers required and non-required scholastic materials including textbooks in any format, access to online homework help and textbook solutions, course organization and scheduling, college and university matching tools and scholarship connections.
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