Chegg (CHGG) Reaches New 52-Week High After Better-Than-Expected Earnings
Chegg Inc (NYSE:CHGG) hit a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $19.18 and last traded at $19.09, with a volume of 5741138 shares traded. The stock had previously closed at $16.36.
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 5.06% and a negative net margin of 10.40%. The business had revenue of $73.51 million for the quarter, compared to analyst estimates of $70.61 million. During the same quarter in the prior year, the firm posted $0.10 earnings per share. The firm’s revenue for the quarter was up 16.5% compared to the same quarter last year.
CHGG has been the topic of several research reports. BMO Capital Markets reaffirmed a “buy” rating and set a $20.00 price target on shares of Chegg in a research note on Wednesday, January 17th. Northland Securities reaffirmed a “buy” rating and set a $20.00 price target on shares of Chegg in a research note on Tuesday, January 9th. Citigroup initiated coverage on Chegg in a research note on Monday, November 20th. They set a “buy” rating and a $19.00 price target on the stock. BidaskClub raised Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, October 31st. Finally, First Analysis lowered Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 target price on the stock. in a research note on Tuesday, October 31st. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $17.09.
Several institutional investors have recently made changes to their positions in the business. Gilder Gagnon Howe & Co. LLC increased its holdings in shares of Chegg by 4.2% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 7,337,758 shares of the technology company’s stock worth $119,752,000 after acquiring an additional 294,847 shares in the last quarter. Sylebra HK Co Ltd increased its holdings in shares of Chegg by 3.8% in the third quarter. Sylebra HK Co Ltd now owns 6,956,896 shares of the technology company’s stock worth $103,240,000 after acquiring an additional 257,847 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Chegg by 1.3% in the fourth quarter. BlackRock Inc. now owns 5,566,601 shares of the technology company’s stock worth $90,847,000 after acquiring an additional 71,515 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Chegg by 14.0% in the fourth quarter. Alliancebernstein L.P. now owns 3,331,046 shares of the technology company’s stock worth $54,363,000 after acquiring an additional 409,956 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Chegg by 22.7% in the second quarter. Vanguard Group Inc. now owns 3,232,947 shares of the technology company’s stock worth $39,733,000 after acquiring an additional 597,063 shares in the last quarter.
The stock has a market cap of $1,727.48, a price-to-earnings ratio of -73.65, a PEG ratio of 6.25 and a beta of 1.74.
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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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