Chegg (NYSE:CHGG) Price Target Lowered to $12.00 at BMO Capital Markets

Chegg (NYSE:CHGG – Get Rating) had its target price decreased by BMO Capital Markets from $20.00 to $12.00 in a research note published on Wednesday morning, The Fly reports.

A number of other equities analysts have also recently commented on CHGG. Craig Hallum lowered their target price on Chegg from $25.00 to $18.00 in a report on Tuesday. Jefferies Financial Group cut Chegg from a buy rating to a hold rating and lowered their target price for the company from $25.00 to $11.00 in a report on Tuesday. The Goldman Sachs Group lowered their target price on Chegg from $24.00 to $18.00 and set a neutral rating for the company in a report on Wednesday, February 8th. Barrington Research cut Chegg from an outperform rating to a market perform rating in a report on Tuesday. Finally, Morgan Stanley decreased their price objective on Chegg from $18.00 to $12.00 in a research note on Tuesday. Eleven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $18.77.

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Chegg Stock Up 12.0 %

Shares of NYSE:CHGG opened at $10.17 on Wednesday. The business has a 50-day moving average price of $16.38 and a 200 day moving average price of $21.36. The company has a current ratio of 8.24, a quick ratio of 8.24 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 7.59, a PEG ratio of 5.29 and a beta of 1.14. Chegg has a 12-month low of $8.72 and a 12-month high of $30.05.

Chegg (NYSE:CHGG – Get Rating) last issued its quarterly earnings data on Monday, February 6th. The technology company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.02. The firm had revenue of $205.19 million during the quarter, compared to the consensus estimate of $202.10 million. Chegg had a return on equity of 6.41% and a net margin of 34.77%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the company earned $0.19 EPS. Sell-side analysts expect that Chegg will post 0.28 EPS for the current year.

Insider Transactions at Chegg

In other news, COO Nathan J. Schultz sold 4,041 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $15.64, for a total transaction of $63,201.24. Following the sale, the chief operating officer now owns 224,637 shares of the company’s stock, valued at approximately $3,513,322.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Nathan J. Schultz sold 4,041 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $15.64, for a total transaction of $63,201.24. Following the sale, the chief operating officer now owns 224,637 shares of the company’s stock, valued at approximately $3,513,322.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Esther Lem sold 5,700 shares of the firm’s stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $16.86, for a total value of $96,102.00. Following the sale, the chief marketing officer now directly owns 171,300 shares in the company, valued at approximately $2,888,118. The disclosure for this sale can be found here. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CHGG. Norges Bank acquired a new position in Chegg during the fourth quarter worth approximately $45,304,000. Eagle Asset Management Inc. acquired a new position in Chegg during the third quarter worth approximately $31,444,000. Schonfeld Strategic Advisors LLC increased its position in Chegg by 6,630.5% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 861,500 shares of the technology company’s stock worth $21,770,000 after buying an additional 848,700 shares during the period. Granite Investment Partners LLC acquired a new position in Chegg during the first quarter worth approximately $11,832,000. Finally, American Century Companies Inc. acquired a new position in Chegg during the fourth quarter worth approximately $17,417,000. Institutional investors and hedge funds own 92.88% of the company’s stock.

About Chegg

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Chegg, Inc operates a learning platform for students. It intends to empower students to take control of their education and help the students study, college admissions exams, accomplish their goals, get grades, and test scores. The firm offers required and non-required scholastic materials including textbooks in any format, access to online homework help and textbook solutions, course organization and scheduling, college and university matching tools and scholarship connections.

Further Reading

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