BMO Capital Markets restated their buy rating on shares of Chegg (NYSE:CHGG) in a research note issued to investors on Wednesday. They currently have a $26.00 price objective on the technology company’s stock.
A number of other equities analysts have also issued reports on the stock. ValuEngine raised shares of Chegg from a hold rating to a buy rating in a research report on Monday, April 2nd. Citigroup lowered shares of Chegg from a buy rating to a neutral rating and boosted their target price for the stock from $22.70 to $23.00 in a research report on Tuesday, March 13th. Morgan Stanley began coverage on shares of Chegg in a research report on Monday, February 26th. They set an equal weight rating and a $23.00 target price on the stock. Zacks Investment Research lowered shares of Chegg from a hold rating to a sell rating in a research report on Thursday, February 22nd. Finally, Barrington Research reaffirmed an outperform rating and set a $22.00 target price (up previously from $19.00) on shares of Chegg in a research report on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $18.42.
Shares of CHGG stock opened at $21.75 on Wednesday. Chegg has a 1 year low of $8.04 and a 1 year high of $23.22. The firm has a market cap of $2,376.30, a P/E ratio of -241.67, a P/E/G ratio of 7.33 and a beta of 1.44.
Chegg announced that its Board of Directors has initiated a stock buyback plan on Wednesday, March 28th that allows the company to repurchase $20.00 million in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 0.9% of its shares through a private placement purchase. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other news, insider Michael A. Osier sold 48,750 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $17.08, for a total value of $832,650.00. Following the sale, the insider now owns 630,652 shares of the company’s stock, valued at approximately $10,771,536.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Andrew J. Brown sold 87,500 shares of the company’s stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $20.27, for a total transaction of $1,773,625.00. Following the completion of the sale, the insider now directly owns 675,583 shares in the company, valued at approximately $13,694,067.41. The disclosure for this sale can be found here. Insiders sold a total of 952,800 shares of company stock worth $19,147,744 in the last three months. Insiders own 20.40% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of CHGG. Clearbridge Investments LLC grew its holdings in shares of Chegg by 184.1% in the 4th quarter. Clearbridge Investments LLC now owns 1,927,665 shares of the technology company’s stock worth $31,459,000 after purchasing an additional 1,249,178 shares during the last quarter. UBS Asset Management Americas Inc. grew its holdings in shares of Chegg by 2,120.6% in the 4th quarter. UBS Asset Management Americas Inc. now owns 896,760 shares of the technology company’s stock worth $14,635,000 after purchasing an additional 856,377 shares during the last quarter. Stephens Investment Management Group LLC bought a new stake in shares of Chegg in the 4th quarter worth about $10,845,000. Wells Fargo & Company MN grew its holdings in shares of Chegg by 954.4% in the 3rd quarter. Wells Fargo & Company MN now owns 702,610 shares of the technology company’s stock worth $10,427,000 after purchasing an additional 635,976 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in shares of Chegg by 14.0% in the 4th quarter. Alliancebernstein L.P. now owns 3,331,046 shares of the technology company’s stock worth $54,363,000 after purchasing an additional 409,956 shares during the last quarter.
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Chegg Company Profile
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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