Chegg (NYSE:CHGG) PT Lowered to $45.00 at Citigroup

Chegg (NYSE:CHGG) had its target price decreased by Citigroup from $50.00 to $45.00 in a research report sent to investors on Monday morning, BenzingaRatingsTable reports. Citigroup currently has a buy rating on the technology company’s stock.

A number of other equities analysts have also commented on CHGG. First Analysis upgraded shares of Chegg from an outperform rating to a strong-buy rating and set a $48.00 price target on the stock in a report on Sunday, March 1st. BMO Capital Markets lifted their price target on shares of Chegg from $37.00 to $43.00 and gave the stock an outperform rating in a report on Friday, January 10th. Zacks Investment Research upgraded shares of Chegg from a hold rating to a buy rating and set a $34.00 price target on the stock in a report on Friday, March 20th. Barrington Research reiterated a buy rating and set a $50.00 price target on shares of Chegg in a report on Tuesday, February 11th. Finally, Needham & Company LLC reiterated a buy rating and set a $40.00 price target (down previously from $53.00) on shares of Chegg in a report on Friday, March 20th. Two equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Chegg currently has an average rating of Buy and a consensus target price of $43.92.

Chegg stock traded up $2.63 during mid-day trading on Monday, reaching $36.66. The company had a trading volume of 2,431,162 shares, compared to its average volume of 1,950,895. Chegg has a fifty-two week low of $25.89 and a fifty-two week high of $48.22. The company has a current ratio of 11.31, a quick ratio of 11.31 and a debt-to-equity ratio of 1.80. The company has a market cap of $4.16 billion, a P/E ratio of -366.56, a P/E/G ratio of 2.49 and a beta of 0.88. The business has a fifty day simple moving average of $37.97 and a 200 day simple moving average of $36.66.

Chegg (NYSE:CHGG) last issued its earnings results on Monday, February 10th. The technology company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Chegg had a negative net margin of 2.34% and a positive return on equity of 11.24%. The firm had revenue of $125.50 million for the quarter, compared to analyst estimates of $123.05 million. During the same quarter last year, the business posted $0.25 earnings per share. The company’s quarterly revenue was up 31.1% on a year-over-year basis. Research analysts forecast that Chegg will post 0.46 EPS for the current year.

In other news, CEO Daniel Rosensweig sold 150,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $43.01, for a total transaction of $6,451,500.00. Following the completion of the sale, the chief executive officer now directly owns 2,323,703 shares of the company’s stock, valued at $99,942,466.03. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Nathan J. Schultz sold 35,864 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $38.63, for a total transaction of $1,385,426.32. Following the sale, the insider now directly owns 217,304 shares of the company’s stock, valued at $8,394,453.52. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 544,248 shares of company stock valued at $22,436,654. Insiders own 5.80% of the company’s stock.

Large investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its holdings in Chegg by 39.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 995 shares of the technology company’s stock worth $38,000 after purchasing an additional 280 shares during the last quarter. Symphony Asset Management LLC purchased a new position in Chegg during the fourth quarter worth about $213,000. Profund Advisors LLC purchased a new position in Chegg during the fourth quarter worth about $219,000. We Are One Seven LLC purchased a new position in Chegg during the fourth quarter worth about $227,000. Finally, Banque Cantonale Vaudoise purchased a new position in Chegg in the fourth quarter valued at about $238,000.

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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Analyst Recommendations for Chegg (NYSE:CHGG)

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