Chegg (NYSE:CHGG) Rating Lowered to Hold at BidaskClub

BidaskClub cut shares of Chegg (NYSE:CHGG) from a buy rating to a hold rating in a research note issued to investors on Friday, November 10th.

A number of other research analysts also recently commented on the stock. Zacks Investment Research downgraded shares of Chegg from a hold rating to a sell rating in a research report on Wednesday, October 4th. Barrington Research reaffirmed an outperform rating and issued a $19.00 price objective (up previously from $17.00) on shares of Chegg in a research report on Tuesday, October 31st. Jefferies Group reaffirmed a buy rating and issued a $17.00 price objective on shares of Chegg in a research report on Thursday, September 7th. Northland Securities reaffirmed a buy rating and issued a $16.00 price objective on shares of Chegg in a research report on Tuesday, August 29th. Finally, Lake Street Capital downgraded shares of Chegg from a buy rating to a hold rating and boosted their target price for the stock from $12.00 to $14.00 in a research report on Wednesday, July 26th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $15.42.

Chegg (CHGG) traded down $0.63 during trading on Friday, hitting $14.89. 925,800 shares of the stock traded hands, compared to its average volume of 991,971. Chegg has a 12-month low of $6.84 and a 12-month high of $16.50.

Chegg (NYSE:CHGG) last released its earnings results on Monday, October 30th. The technology company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The firm had revenue of $62.60 million during the quarter, compared to analyst estimates of $57.75 million. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. The business’s revenue was down 12.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.17) EPS. research analysts expect that Chegg will post -0.09 earnings per share for the current fiscal year.

In related news, insider Michael A. Osier sold 200,000 shares of the business’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $15.25, for a total value of $3,050,000.00. Following the completion of the sale, the insider now owns 653,061 shares of the company’s stock, valued at approximately $9,959,180.25. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Charles Geiger sold 50,000 shares of the company’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $14.53, for a total transaction of $726,500.00. Following the sale, the insider now directly owns 561,500 shares of the company’s stock, valued at approximately $8,158,595. The disclosure for this sale can be found here. Over the last quarter, insiders sold 705,454 shares of company stock valued at $10,295,651. Company insiders own 20.40% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of CHGG. Great West Life Assurance Co. Can raised its holdings in Chegg by 106.2% in the third quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock valued at $108,000 after acquiring an additional 3,790 shares in the last quarter. PNC Financial Services Group Inc. acquired a new stake in Chegg in the second quarter valued at approximately $104,000. BNP Paribas Arbitrage SA raised its holdings in Chegg by 1,829.9% in the second quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock valued at $111,000 after acquiring an additional 8,582 shares in the last quarter. Stifel Financial Corp acquired a new stake in Chegg in the second quarter valued at approximately $116,000. Finally, Cipher Capital LP acquired a new stake in Chegg in the second quarter valued at approximately $127,000.

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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.

Analyst Recommendations for Chegg (NYSE:CHGG)

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