Chegg (NYSE:CHGG) Reaches New 12-Month High at $44.85

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Chegg Inc (NYSE:CHGG) hit a new 52-week high on Monday . The company traded as high as $44.85 and last traded at $44.63, with a volume of 40034 shares traded. The stock had previously closed at $44.26.

A number of brokerages have recently weighed in on CHGG. Needham & Company LLC reissued a “hold” rating on shares of GrubHub in a research report on Wednesday, June 5th. Morgan Stanley reaffirmed an “equal weight” rating and issued a GBX 250 ($3.27) price objective on shares of BT Group in a research report on Tuesday, April 30th. Zacks Investment Research cut shares of ExlService from a “hold” rating to a “sell” rating in a research report on Wednesday, July 10th. Craig Hallum reaffirmed a “buy” rating and issued a $50.00 price objective (up from $45.00) on shares of Chegg in a research report on Tuesday, April 30th. Finally, Barrington Research set a $37.00 price objective on shares of Lawson Products and gave the company a “buy” rating in a research report on Wednesday, April 17th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Chegg presently has a consensus rating of “Buy” and a consensus target price of $40.36.

The company has a debt-to-equity ratio of 1.84, a current ratio of 13.96 and a quick ratio of 13.96. The business’s 50 day simple moving average is $39.52. The firm has a market cap of $5.25 billion, a PE ratio of 499.78, a price-to-earnings-growth ratio of 7.76 and a beta of 1.02.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, April 29th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.09). Chegg had a negative net margin of 4.86% and a positive return on equity of 4.73%. The business had revenue of $97.40 million during the quarter, compared to analyst estimates of $94.69 million. During the same quarter in the previous year, the firm posted $0.10 earnings per share. The firm’s quarterly revenue was up 26.6% on a year-over-year basis. As a group, analysts expect that Chegg Inc will post 0.19 EPS for the current year.

In other news, insider Jenny Brandemuehl sold 68,953 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $38.00, for a total transaction of $2,620,214.00. Following the transaction, the insider now directly owns 301,683 shares in the company, valued at approximately $11,463,954. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Daniel Rosensweig sold 165,000 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $37.69, for a total transaction of $6,218,850.00. Following the transaction, the chief executive officer now owns 2,322,754 shares in the company, valued at $87,544,598.26. The disclosure for this sale can be found here. Insiders sold a total of 895,177 shares of company stock worth $33,722,624 over the last quarter. Company insiders own 5.80% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in CHGG. Amundi Pioneer Asset Management Inc. boosted its holdings in Chegg by 107.9% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 29,943 shares of the technology company’s stock valued at $1,141,000 after purchasing an additional 15,543 shares during the period. First Trust Advisors LP boosted its holdings in Chegg by 196.7% in the 1st quarter. First Trust Advisors LP now owns 163,622 shares of the technology company’s stock valued at $6,237,000 after purchasing an additional 108,483 shares during the period. FMR LLC boosted its holdings in Chegg by 18,377.4% in the 1st quarter. FMR LLC now owns 599,961 shares of the technology company’s stock valued at $22,871,000 after purchasing an additional 596,714 shares during the period. Weiss Asset Management LP bought a new stake in Chegg in the 1st quarter valued at about $4,391,000. Finally, Cerebellum GP LLC bought a new stake in Chegg in the 1st quarter valued at about $288,000.

Chegg Company Profile (NYSE:CHGG)

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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