Shares of Chegg, Inc. (NYSE:CHGG – Get Rating) gapped up before the market opened on Monday . The stock had previously closed at $18.95, but opened at $19.70. Chegg shares last traded at $20.52, with a volume of 10,555 shares trading hands.
Analyst Ratings Changes
Several brokerages recently issued reports on CHGG. Piper Sandler cut their price objective on shares of Chegg from $21.00 to $20.00 and set a "neutral" rating on the stock in a report on Monday, July 18th. TheStreet raised shares of Chegg from a "d+" rating to a "c-" rating in a report on Monday, August 22nd. The Goldman Sachs Group started coverage on shares of Chegg in a report on Friday, July 15th. They issued a "neutral" rating and a $20.00 price target on the stock. Needham & Company LLC raised shares of Chegg from a "hold" rating to a "buy" rating and set a $28.00 price target on the stock in a report on Monday. Finally, Northland Securities raised shares of Chegg from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $27.00 to $30.00 in a report on Thursday, September 8th. Twelve equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $29.17.
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The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of 68.37, a P/E/G ratio of 4.07 and a beta of 1.11. The business's 50-day moving average is $21.08 and its 200-day moving average is $23.10. The company has a quick ratio of 10.81, a current ratio of 10.81 and a debt-to-equity ratio of 2.05.
Chegg (NYSE:CHGG – Get Rating) last posted its earnings results on Thursday, August 4th. The technology company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.13 by $0.03. The company had revenue of $194.72 million during the quarter, compared to the consensus estimate of $189.40 million. Chegg had a net margin of 5.69% and a return on equity of 7.93%. As a group, equities analysts predict that Chegg, Inc. will post 0.28 earnings per share for the current year.Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. raised its position in shares of Chegg by 757.1% in the second quarter. Federated Hermes Inc. now owns 1,689,370 shares of the technology company's stock worth $31,727,000 after acquiring an additional 1,492,260 shares during the period. ExodusPoint Capital Management LP raised its position in shares of Chegg by 726.3% in the second quarter. ExodusPoint Capital Management LP now owns 196,848 shares of the technology company's stock worth $3,697,000 after acquiring an additional 173,024 shares during the period. Walleye Capital LLC raised its position in shares of Chegg by 449.3% in the second quarter. Walleye Capital LLC now owns 213,945 shares of the technology company's stock worth $4,018,000 after acquiring an additional 174,999 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Chegg by 12.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 51,770 shares of the technology company's stock worth $972,000 after acquiring an additional 5,768 shares during the period. Finally, Prudential Financial Inc. acquired a new position in shares of Chegg in the second quarter worth about $191,000. 95.61% of the stock is currently owned by institutional investors and hedge funds.
Chegg Company Profile
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Chegg, Inc operates direct-to-student learning platform that supports students starting with their academic journey and extending into their careers with products and services to support and help them better understand their academic course materials. The company offers Chegg Services, which include subscription services; and required materials that comprise its print textbooks and eTextbooks.
Further Reading
- Get a free copy of the StockNews.com research report on Chegg (CHGG)
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