Brokerages Set Chegg Inc (CHGG) Price Target at $37.60
Chegg Inc (NYSE:CHGG) has received an average recommendation of “Buy” from the thirteen research firms that are covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $36.25.
Several research firms recently weighed in on CHGG. Zacks Investment Research downgraded Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, March 12th. Berenberg Bank began coverage on Chegg in a research note on Wednesday, March 6th. They issued a “buy” rating and a $48.00 price objective for the company. Barrington Research reaffirmed a “buy” rating on shares of Chegg in a research note on Wednesday. JPMorgan Chase & Co. raised their price objective on Chegg to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, February 12th. Finally, Citigroup downgraded Chegg from a “buy” rating to a “neutral” rating and set a $36.00 price objective for the company. in a research note on Friday, February 8th.
Shares of CHGG traded up $0.16 during mid-day trading on Monday, hitting $37.80. The company’s stock had a trading volume of 945,418 shares, compared to its average volume of 1,931,268. The company has a debt-to-equity ratio of 0.69, a current ratio of 8.29 and a quick ratio of 8.29. The stock has a market capitalization of $4.38 billion, a P/E ratio of 420.00, a P/E/G ratio of 7.50 and a beta of 1.30. Chegg has a 1-year low of $20.40 and a 1-year high of $41.69.
In other Chegg news, insider Jenny Brandemuehl sold 68,953 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $38.00, for a total transaction of $2,620,214.00. Following the completion of the transaction, the insider now owns 301,683 shares of the company’s stock, valued at $11,463,954. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel Rosensweig sold 150,000 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $41.06, for a total value of $6,159,000.00. Following the transaction, the chief executive officer now directly owns 2,322,754 shares of the company’s stock, valued at approximately $95,372,279.24. The disclosure for this sale can be found here. Insiders have sold 798,604 shares of company stock valued at $31,024,261 in the last three months. 10.80% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its position in Chegg by 22.8% during the fourth quarter. Parallel Advisors LLC now owns 1,558 shares of the technology company’s stock worth $44,000 after buying an additional 289 shares in the last quarter. Legal & General Group Plc grew its position in shares of Chegg by 1.0% in the third quarter. Legal & General Group Plc now owns 37,514 shares of the technology company’s stock valued at $1,066,000 after purchasing an additional 378 shares during the period. NBW Capital LLC grew its position in shares of Chegg by 1.4% in the fourth quarter. NBW Capital LLC now owns 77,791 shares of the technology company’s stock valued at $2,211,000 after purchasing an additional 1,065 shares during the period. Bank of Montreal Can grew its position in shares of Chegg by 21.1% in the fourth quarter. Bank of Montreal Can now owns 7,169 shares of the technology company’s stock valued at $203,000 after purchasing an additional 1,249 shares during the period. Finally, National Asset Management Inc. grew its position in shares of Chegg by 21.4% in the fourth quarter. National Asset Management Inc. now owns 9,514 shares of the technology company’s stock valued at $271,000 after purchasing an additional 1,676 shares during the period.
Chegg Company Profile
Chegg, Inc operates direct-to-student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.
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