Chegg (CHGG) Trading -1.2% Higher
Chegg Inc (NYSE:CHGG) traded up 1.2% during trading on Thursday . The company traded as high as $20.78 and last traded at $20.22. 271,430 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 1,144,362 shares. The stock had previously closed at $20.47.
A number of equities research analysts have commented on the company. JPMorgan Chase & Co. raised their target price on Chegg from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Lake Street Capital raised their target price on Chegg from $15.00 to $16.00 and gave the company a “hold” rating in a report on Tuesday, February 13th. Barrington Research reissued an “outperform” rating and issued a $22.00 target price (up previously from $19.00) on shares of Chegg in a report on Tuesday, February 13th. BidaskClub raised Chegg from a “hold” rating to a “buy” rating in a report on Tuesday, October 31st. Finally, Northland Securities reissued a “buy” rating and issued a $18.00 target price on shares of Chegg in a report on Wednesday, November 1st. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $17.09.
The company has a market capitalization of $2,136.32, a price-to-earnings ratio of -97.47, a P/E/G ratio of 6.96 and a beta of 1.74.
In other news, insider Michael A. Osier sold 200,000 shares of the firm’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $15.25, for a total value of $3,050,000.00. Following the completion of the transaction, the insider now owns 653,061 shares in the company, valued at $9,959,180.25. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Daniel Rosensweig sold 199,611 shares of the firm’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $16.00, for a total value of $3,193,776.00. Following the completion of the transaction, the chief executive officer now owns 2,207,689 shares of the company’s stock, valued at approximately $35,323,024. The disclosure for this sale can be found here. In the last 90 days, insiders sold 869,323 shares of company stock valued at $14,302,385. Company insiders own 20.40% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Great West Life Assurance Co. Can increased its position in shares of 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 buying an additional 3,790 shares in the last quarter. PNC Financial Services Group Inc. purchased a new position in shares of Chegg in the second quarter valued at $104,000. Stifel Financial Corp purchased a new position in shares of Chegg in the second quarter valued at $116,000. Xact Kapitalforvaltning AB purchased a new position in shares of Chegg in the fourth quarter valued at $169,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in shares of Chegg in the third quarter valued at $161,000.
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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