Chegg (NYSE:CHGG) Research Coverage Started at KeyCorp

Research analysts at KeyCorp assumed coverage on shares of Chegg (NYSE:CHGG) in a research note issued to investors on Monday, MarketBeat.com reports. The firm set an “overweight” rating and a $80.00 price target on the technology company’s stock. KeyCorp’s price objective suggests a potential upside of 18.94% from the stock’s previous close.

Several other equities analysts have also weighed in on CHGG. Craig Hallum increased their price objective on Chegg from $55.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Morgan Stanley increased their price target on Chegg from $43.00 to $56.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Citigroup decreased their price objective on Chegg from $50.00 to $45.00 and set a “buy” rating for the company in a report on Monday, March 23rd. Needham & Company LLC upped their price objective on shares of Chegg from $53.00 to $70.00 and gave the company a “buy” rating in a report on Friday, June 5th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. downgraded shares of Chegg from an “overweight” rating to a “neutral” rating and set a $40.00 target price for the company. in a research note on Thursday, April 16th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $60.75.

CHGG opened at $67.26 on Monday. Chegg has a fifty-two week low of $25.89 and a fifty-two week high of $70.57. The firm has a 50-day moving average of $62.52 and a 200 day moving average of $45.27. The company has a debt-to-equity ratio of 1.97, a quick ratio of 7.93 and a current ratio of 7.93. The firm has a market cap of $8.09 billion, a P/E ratio of -611.45, a PEG ratio of 3.48 and a beta of 1.07.

Chegg (NYSE:CHGG) last released its earnings results on Monday, May 4th. The technology company reported $0.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.20. Chegg had a negative net margin of 2.47% and a positive return on equity of 12.53%. The firm had revenue of $131.60 million for the quarter, compared to analysts’ expectations of $119.48 million. During the same period in the previous year, the company earned $0.15 earnings per share. The company’s quarterly revenue was up 35.1% on a year-over-year basis. Equities research analysts predict that Chegg will post 0.63 earnings per share for the current fiscal year.

In other Chegg news, insider Nathan J. Schultz sold 47,376 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $60.00, for a total value of $2,842,560.00. Following the transaction, the insider now directly owns 284,206 shares in the company, valued at approximately $17,052,360. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nathan J. Schultz sold 35,083 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $70.19, for a total value of $2,462,475.77. Following the completion of the sale, the insider now directly owns 268,686 shares in the company, valued at approximately $18,859,070.34. The disclosure for this sale can be found here. Insiders have sold a total of 284,074 shares of company stock worth $16,841,717 in the last ninety days. 3.10% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its stake in Chegg by 2.4% in the first quarter. PNC Financial Services Group Inc. now owns 12,062 shares of the technology company’s stock valued at $432,000 after purchasing an additional 281 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Chegg by 1.7% in the 4th quarter. Victory Capital Management Inc. now owns 16,935 shares of the technology company’s stock worth $698,000 after buying an additional 285 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of Chegg by 55.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 881 shares of the technology company’s stock valued at $32,000 after buying an additional 314 shares in the last quarter. Advisor Group Inc. lifted its holdings in shares of Chegg by 2.7% during the 4th quarter. Advisor Group Inc. now owns 13,162 shares of the technology company’s stock worth $500,000 after acquiring an additional 344 shares during the last quarter. Finally, Ameritas Investment Partners Inc. lifted its holdings in shares of Chegg by 3.5% during the 1st quarter. Ameritas Investment Partners Inc. now owns 10,520 shares of the technology company’s stock worth $376,000 after acquiring an additional 354 shares during the last quarter.

About Chegg

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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Analyst Recommendations for Chegg (NYSE:CHGG)

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